Kaisa, Times China get reprieves in Hong Kong winding-up cases, promise debt workout plans

Quick Summary:

The developers, which defaulted on a combined US$15 billion of offshore debts, get four- and 10-week adjournments, respectively, in their hostile lawsuits from creditors.

Some 59 issuers defaulted on 319 offshore bonds while 49 defaulted on 194 onshore bonds as of April this year, according to S&P Global Ratings.

It was the second-largest issuer of offshore bonds among Chinese developers after Evergrande, and the first in the industry to default on dollar-denominated bonds back in 2015.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChina

Topics: Group Chinese Court Bonds Offshore Billion Kaisa Defaulted According Developers Creditors

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-12 @ 09:15:06 (3 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 507 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22082813

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