The true cost of the debt that China’s real estate developers peddled to eager international investors during a five-year property boom is now becoming clear. Having found themselves shut out of local bond and loan markets seven years ago, a band of developers began looking elsewhere for funds. First an… – Continue reading
SHANGHAI-The Chinese property developer Kaisa Group Holdings Ltd said it has defaulted on interest payments on its offshore bonds as it negotiates with its creditors to restructure its debts. The developer, based in Shenzhen, said in a statement published on the Hong Kong stock exchange website that it made neither… – Continue reading
HONG KONG: small group of asset managers is pushing for more protection for offshore holders of Chinese bonds, in a sign that growing default fears are putting established funding structures under scrutiny. The ongoing debt restructuring of troubled Chinese property developer Kaisa Group Holdings has rattled many on the buy… – Continue reading
Shenzhen authorities have started to lift the sales ban against projects by Kaisa Group Holdings, but troubles are far from over for the developer. The city restricted Kaisa from selling thousands of flats four months ago, which quickly pushed the developer to the brink of bankruptcy as its cash flow… – Continue reading
(Bloomberg) — Kaisa Group Holdings Ltd., the Chinese developer in talks to restructure its debt after being tied to a graft probe, postponed its results announcement for 2014 because auditors need more time to verify its accounts. There may be a “significant adjustment” to its unaudited accounts, Shenzhen-based Kaisa said… – Continue reading
(Reuters) – Developer Sunac China (1918.HK) on Tuesday urged creditors of its takeover target, Kaisa Group Holdings (1638.HK), to accept a plan by the struggling property firm to restructure $2.5 billion in debt or risk the company running out of cash by end-April. Sunac’s comments come days after a group… – Continue reading
(Bloomberg) — A steering committee representing Kaisa Group Holdings Ltd.’s offshore bondholders won’t agree to the company’s proposed debt restructuring by Friday’s early bird deadline. “We are working with the company to agree an acceptable and realistic timeline and process so that we can obtain for you a sensible revised… – Continue reading
(Reuters) – Chinese developer Kaisa Group Ltd, mired in crisis since late last year after the local government in its home base of Shenzhen blocked sales at some of its projects, is seeking to restructure its debts, according to an exchange filing in Hong Kong on Sunday. The restructuring plans,… – Continue reading
HONG KONG (Reuters) – Chinese property companies are having to turn to more expensive sources of finance as problems at developer Kaisa Group make it increasingly difficult for them to get credit in the offshore market. Kaisa’s failure this month to make an interest payment on a dollar bond has… – Continue reading
* Bonds up around seven points * Kaisa missed bond coupon payment last week * Case could be test of China’s bankruptcy law (Adds comments, updates price) By Umesh Desai HONG KONG, Jan 13 (Reuters) – Bonds issued by Kaisa Group rose sharply on Tuesday after the embattled Chinese property… – Continue reading
Bonds issued by Kaisa Group rose sharply on Tuesday after the embattled Chinese property developer said it had received a waiver from HSBC Holdings on a loan it failed to repay in late December 2014. Kaisa, which is struggling with the sudden departure of senior executives, government officials blocking sales… – Continue reading
A Chinese property developer, which was seemingly in good financial shape until recently, appeared to default on an offshore bond payment Thursday, raising concerns among international investors with an interest in the country’s property market, according to reports. Kaisa Group Holdings Ltd., which is listed on the Hong Kong stock… – Continue reading
