Reported 5 months ago
A Hong Kong court has adjourned a hearing on a petition seeking the liquidation of Kaisa Group until June 24, providing the embattled Chinese developer with some relief as it continues working on its debt restructuring plan. Kaisa, which defaulted on $12 billion in offshore debt in late 2021, is currently in discussions with bondholders regarding specific terms of the restructuring plan. The decision for adjournment was not disclosed, and Kaisa's shares initially surged but later tapered off. China's real estate sector, facing a severe debt crisis, has seen several developers defaulting on bond payments, with Kaisa being the second-largest issuer of offshore debt after China Evergrande Group.
Source: YAHOO