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 not been provided. The company also introduced brand partners to support the construction and sales of certain projects. In April 2022, Kaisa Group entered into a strategic co-operation agreement with China Merchants Shekou Industrial Zone and Great Wall Asset Management Co to co-operate on property development, tourism, ferry services, and other businesses in the Guangdong–Hong Kong–Macau–Greater Bay Area regions. In June, Kaisa and certain members of the CITIC group entered into agreement for inventory disposal of assets located in Shenzhen and a restructuring arrangement for some of the Group’s projects. The company is yet to publish annual results for 2021, which are now expected in October 2022. This comes after a change in auditors for the company in June 2022.
Kaisa’s dollar bonds were trading at distressed levels of 9-11 cents on the dollar.
