HONG KONG – Kaisa Group Holdings on Aug 20 announced an offshore debt restructuring agreement with a key group of bondholders, a step that may help the Chinese developer defend itself against a liquidation petition.
The Shenzhen-based company has been working to restructure its offshore debt since defaulting on US$12 billion (S$15.7 billion) in offshore bonds in late 2021. The restructuring plan also covers other debts, including loans and yuan-denominated asset-backed securities.
Kaisa is the second-largest offshore debt issuer among Chinese developers after China Evergrande Group, and in 2015 became the first among its peers to default on US dollar bonds.
Many Chinese property developers have defaulted since the sector slipped…
