by Amruth Sundarkumar | Dec 1, 2021 | China, Distressed / Defaulted Bonds
Offshore bondholders have rejected an offer by cash-strapped Chinese property developer Kaisa to extend maturities on their bonds to avoid a default next week, as per a letter to the company’s chair seen by the FT. This comes less than a week after the...
by Amruth Sundarkumar | Nov 29, 2021 | China, Distressed / Defaulted Bonds, High Yield Bonds
Evergrande’s founder Hui Ka Yan sold 1.2bn shares in the company at an average price of HK$2.23/share last Thursday, almost a 20% discount to the share price on Wednesday. The total value of the stake sale amounted to HK$2.68bn ($344mn), lowering his overall...
by Amruth Sundarkumar | Nov 26, 2021 | China, Distressed / Defaulted Bonds
Kaisa Group announced plans to sell its stake in Hong Kong’s old Kai Tak airport site at a steep discount, as the heavily indebted Chinese developer continues its attempt to avoid default. The land was acquired last year from another indebted developer, Goldin...
by Amruth Sundarkumar | Nov 25, 2021 | China, Distressed / Defaulted Bonds
Troubled Chinese developer Kaisa Group’s units have failed to repay an undisclosed amount of bank loans and other borrowings. As part of reassessing its repayment obligations to address liquidity issues, Kaisa said that it plans to offer bondholders an exchange...
by Amruth Sundarkumar | Nov 23, 2021 | China, Distressed / Defaulted Bonds
Kaisa Group plans to repay 10% of the principal of Jinheng Wealth Management Products (WMPs) when they come due, with the developer paying back 10% every three months thereafter as per the Securities Times. It added that no interest payment will be made on the WMPs...
