Reported 8 months ago
A Hong Kong court has adjourned a hearing on the liquidation petition for Chinese property developer Kaisa Group, providing a seven-week respite for the company to finalize a debt restructuring plan. The adjournment until August 12 is seen as potentially the last, with the court expressing uncertainty on granting further delays. Kaisa aims to sign an agreement within a fortnight, involving issuing new shares to creditors while maintaining Chairman Kwok Ying Shing as the top shareholder. The developer has been restructuring offshore debt since defaulting on $12 billion in payments in late 2021, amid a challenging landscape for Chinese developers facing liquidation petitions.
Source: YAHOO