ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
China debt crunch

Distressed Chinese developer Kaisa gets breather from major creditors

Other players continue to scramble against winding-up petitions and mounting losses

A Kaisa construction site in Shanghai in December 2021: Kaisa says 34% of one creditor group and 36% of another agreed to subscribe to newly issued senior notes and convertible bonds with later maturities.   © Reuters

HONG KONG -- Defaulted mainland Chinese developer Kaisa Group Holdings said Tuesday that it has "entered into a restructuring support agreement" with two separate groups of ad-hoc creditors.

The company said in a filing to the Hong Kong Exchange that this marked "significant progress" in resolving its outstanding offshore U.S.-dollar-denominated debts.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more