Evergrande Unveils “Preliminary Restructuring Principles”; Subsidiary Needs to Pay Guarantor $1.08bn for Breach
China Evergrande has failed to make good on its promise to deliver a preliminary restructuring plan to its investors by the end of July, instead releasing “preliminary restructuring principles” for its offshore debt. These principles promised creditors asset packages...
CK Asset Bids for Evergrande’s Hong Kong HQ
Property developer CK Asset Holdings has confirmed a bid for Chinese real estate giant Evergrande Group’s 26-story 345,000 sqft headquarters in Hong Kong. Last year, the group was looking to sell the building for $1.7bn to Chinese state-owned Yuexiu Property that fell...
UOB Sues Shimao For Breaching Terms of Loan
UOB has sued China’s Shimao Group and four of its subsidiaries, accusing the developer of breaching terms of certain loan and security agreements. The Singaporean bank and other lenders had granted HKD 10bn ($1.3bn) of loan facilities to one of Shimao’s units,...
Kaisa Agrees With Bondholders on Debt Extension
Chinese property developer Kaisa Group has made progress on its onshore restructuring and entered into agreements with certain onshore financial institutions to extend the term of some of its existing borrowings as per an exchange filing. Details of the extension have...
