Hengda Real Estate Group, the onshore unit of Evergrande, saw bondholders approve proposals related to the repayment of RMB 8.2bn ($1.2bn) on its 6.98% bonds that are due in July 2022. It noted that three proposals related to the repayment of the notes were approved in a meeting on June 28-29 without any further details.
Separately, Kaisa Group said that it entered into constructive dialogue with its creditors for a “value preserving consensual solution” regarding its restructuring. Kaisa defaulted on its bonds in December 2021 with a restructuring plan now being prepared. It said that it is in the process of determining an audit timetable with the new auditor and that it will update investors on the restructuring in due course