-- A Hong Kong court has given Chinese developer Kaisa Group Holdings Ltd. seven more weeks to work on its debt restructuring plan in order to avoid being liquidated, but also warned this might be the company’s last chance.Hedge Funds’ Bullish Copper Bets Run Into China’s Slowdown
Kaisa’s default in late 2021 was among the first signs of spreading woes in China’s property sector woes amid the pandemic, after nationwide steps to curb developer borrowing and speculation by home-buyers led to a string of debt failures. Kaisa had earlier defaulted on its dollar bonds in 2015, the first ever for any Chinese builder, before recovering.
HONG KONG -A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until Aug. 12, giving the embattled Chinese developer some respite as it works on its debt restructuring plan. The Shenzhen-based developer has been working to restructure its offshore debt for two years after defaulting on $12 billion in offshore debt in late 2021.
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