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Some Bondholders Of China’s Kaisa Group Tap Adviser To Help Recover Dues: Source

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Kaisa, which has the most offshore debt of any Chinese developer after China Evergrande Group, has not paid coupons totaling over $59 million due on November 11 and 12, with 30-day grace periods for both.

Some offshore bondholders of embattled Chinese developer Kaisa Group who did not receive coupon payments this month have tapped investment bank Moelis & Company to advise them on the matter, a source with direct knowledge told Reuters on Tuesday, November 23.

Kaisa, which has the most offshore debt of any Chinese developer after China Evergrande Group, has not paid coupons totaling over $59 million due on November 11 and 12, with 30-day grace periods for both.

Bloomberg reported earlier on Tuesday that an ad hoc group of offshore bondholders is also seeking advice from lawyers at Kirkland & Ellis, besides Moelis.

Kaisa has been scrambling to raise capital by divesting some of its assets including some land developments and the Hong Kong-listed property management unit. Reuters reported last month that Kaisa was seeking buyers for two residential sites in Hong Kong.

A separate source with direct knowledge of the matter said Kaisa recently sold the Hong Kong land parcel in Tuen Mun for HK$3.78 billion ($485.09 million) to local investor Francis Choi, a friend of Kaisa’s chairman Kwok Ying Shing.

After repaying the loans for the land which Kaisa bought for HK$3.5 billion early last year, the Chinese developer will be able to book a profit of HK$1.3 billion, the source said.

Source: Reuters 

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed) 

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