Hong Kong Court Grants $115 Million China Property Developer Kaisa 7 Weeks Extension to Provide Final Debt Restructuring Plan with Next Liquidation Hearing Scheduled on 12th August 2024, $12 Billion of Offshore Debts & Defaulted in 2021, Citicorp is Petitioner & Bond Trustee, Kaisa Chairman Kwok Ying Shing to Remain as Largest Shareholder in Proposed Restructuring
27th June 2024 | Hong Kong
A Hong Kong court has granted China property developer Kaisa (27/6/24: $115 million market value) 7 weeks extension to provide a “final debt restructuring plan” with next liquidation hearing scheduled on 12th August 2024. Kaisa has $12 billion of offshore debts, having defaulted in 2021. Citicorp is the petitioner (replaced a 1st petitioner) and is the bond trustee. Kaisa Chairman Kwok Ying Shing will remain as largest shareholder in the proposed restructuring.
“ Hong Kong Court Grants $115 Million China Property Developer Kaisa 7 Weeks Extension to Provide Final Debt Restructuring Plan with Next Liquidation Hearing Scheduled on 12th August 2024, $12 Billion of Offshore Debts & Defaulted in 2021, Citicorp is Petitioner & Bond Trustee, Kaisa Chairman Kwok Ying Shing to Remain as Largest Shareholder in Proposed Restructuring “
Kaisa Profile – Kaisa Prosperity Holdings Limited (Kaisa Prosperity for short), founded in 1999 and headquartered in Shenzhen, went public on HKEx in Dec. 2018, with stock code of 2168.HK. As of 31 December, 2023, Kaisa Prosperity’s property management services covered 74 cities in China, with a total of 720 managed properties and a total GFA under management reaching 102.3 million sq.m.. Its services cover medium and high-end communities, commercial complexes, office buildings, cultural and sports centers, municipal public buildings, public facilities and industrial parks. The Company provides services for more than 490 thousand property management units. It owns more than 16 subsidiaries and over 12,000 employees. Its current businesses involve basic management services, pre-delivery and consultation services, community value-adding services, intelligent solution services and etc.
Hong Kong Court Grants $115 Million China Property Developer Kaisa 7 Weeks Extension to Provide Final Debt Restructuring Plan with Next Liquidation Hearing Scheduled on 12th August 2024, $12 Billion of Offshore Debts & Defaulted in 2021, Citicorp is Petitioner & Bond Trustee, Kaisa Chairman Kwok Ying Shing to Remain as Largest Shareholder in Proposed Restructuring
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