China Property Developer Kaisa Group with $12 Billion Debt Announced Offshore Debt Restructuring Agreement With Key Bondholders in Debt to New Notes & Equity Deal, Issue 6 Tranches of Senior Notes Maturing from 2027 to 2032 With 5% to 6.25% Interest Rate, 8 Tranches of Mandatory Convertible Notes Maturing From 2025 To 2032, Sponsors including Kaisa Group Chairman Kwok Ying Shing May Provide $16.1 Million of Shareholder Loan, Proposed to Issue 3.33% Of New Kaisa Group Shares as Management Incentive Plan
22nd August 2024 | Hong Kong
China property developer Kaisa Group with $12 billion debt has announced the offshore debt restructuring agreement with key bondholders in a debt to new notes & equity deal. Kaisa Group will issue 6 tranches of senior notes maturing from 2027 to 2032 with 5% to 6.25% interest rate, and 8 tranches of mandatory convertible notes maturing from 2025 to 2032. Sponsors including Kaisa Group Chairman Kwok Ying Shing may provide $16.1 million (CNY 115 million) of shareholder loan, and Kaisa Group is proposing to issue 3.33% of new Kaisa Group shares as management incentive plan. 34% of debt holders in the restructuring, and 36% of debt holders in subsidiary Rui King have agreed to the restructuring plan. The next winding-up petition hearing is on 9th September 2024. Kaisa Group market value is at $89 million. Earlier in 2024 August, China property developers Kaisa Group & Times China Holdings with $15 billion of offshore debts have received court extensions on timeline to negotiate with creditors. Kaisa Group with $12 billion debt received 4 weeks extension to 9th September 2024. Times China with $3 billion debt received 10 weeks extension. In 2024 June, 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.
“ China Property Developer Kaisa Group with $12 Billion Debt Announced Offshore Debt Restructuring Agreement With Key Bondholders in Debt to New Notes & Equity Deal, Issue 6 Tranches of Senior Notes Maturing from 2027 to 2032 With 5% to 6.25% Interest Rate, 8 Tranches of Mandatory Convertible Notes Maturing From 2025 To 2032, Sponsors including Kaisa Group Chairman Kwok Ying Shing May Provide $16.1 Million of Shareholder Loan, Proposed to Issue 3.33% Of New Kaisa Group Shares as Management Incentive Plan “
China Property Developers Kaisa Group & Times China with $15 Billion of Offshore Debts Received Extensions to Negotiate with Creditors, Kaisa Group with $12 Billion Debt Received 4 Weeks Extension to 9th September 2024, Times China with $3 Billion Debt Received 10 Weeks Extension
16th August 2024 – China property developers Kaisa Group & Times China Holdings with $15 billion of offshore debts have received court extensions on timeline to negotiate with creditors. Kaisa Group with $12 billion debt received 4 weeks extension to 9th September 2024. Times China with $3 billion debt received 10 weeks extension. In 2024 June, 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. In 2024 April, Hong Kong-listed property group Times China Holdings has received a winding-up petition from Hang Seng Bank for $266 million of debts, with the first court hearing date scheduled for 3rd July 2024. Times China Holdings current market value is at $37 million (19/4/24) with share price decreasing -78% in last 12 months & more than -99% in the last 5 years.
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 – 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.
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.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
