A Hong Kong court adjourns the Kaisa Group liquidation plea
Real Estate

A Hong Kong court adjourns the Kaisa Group liquidation plea

The hearing into a petition for Kaisa Group's liquidation was postponed by a Hong Kong court on Monday until August 12 in order to give the beleaguered Chinese developer more time to work on its debt restructuring plan. The firm, headquartered in Shenzhen, missed payments on $12 billion in offshore debt in late 2021 and has been trying to restructure its debt for the past two years. LL Tam, the senior advisor of the Kaisa group, mentioned on Monday after the hearing that there were seven members in the AHG and that it took time to pin down the final small details. He added that the developer hoped to sign an agreement within the next fortnight. Justice Peter Ng informed the court that Kaisa would have no excuse if there was no progress. Citicorp International, acting as petitioner since March after a former petitioner withdrew, represented a major group of bondholders. Kaisa, China's second-largest issuer of offshore debt among property developers after China Evergrande Group, was the first Chinese property developer to default on its U.S. dollar bonds in 2015. Earlier this year, China Evergrande was ordered to liquidate by a Hong Kong court, and several companies in the sector, including Country Garden, are contesting liquidation petitions from creditors. According to Reuters last week, Kaisa Chairman Kwok Ying Shing returned to mainland China from Hong Kong for the first time in almost a decade to seek regulatory approval for an offshore debt restructuring. Sources mentioned that Kwok travelled to Shenzhen for talks with a government committee and onshore regulators about two months ago and is still there. In April, the developer had originally stated to the Hong Kong court that it aimed to iron out the terms by the end of May.

The hearing into a petition for Kaisa Group's liquidation was postponed by a Hong Kong court on Monday until August 12 in order to give the beleaguered Chinese developer more time to work on its debt restructuring plan. The firm, headquartered in Shenzhen, missed payments on $12 billion in offshore debt in late 2021 and has been trying to restructure its debt for the past two years. LL Tam, the senior advisor of the Kaisa group, mentioned on Monday after the hearing that there were seven members in the AHG and that it took time to pin down the final small details. He added that the developer hoped to sign an agreement within the next fortnight. Justice Peter Ng informed the court that Kaisa would have no excuse if there was no progress. Citicorp International, acting as petitioner since March after a former petitioner withdrew, represented a major group of bondholders. Kaisa, China's second-largest issuer of offshore debt among property developers after China Evergrande Group, was the first Chinese property developer to default on its U.S. dollar bonds in 2015. Earlier this year, China Evergrande was ordered to liquidate by a Hong Kong court, and several companies in the sector, including Country Garden, are contesting liquidation petitions from creditors. According to Reuters last week, Kaisa Chairman Kwok Ying Shing returned to mainland China from Hong Kong for the first time in almost a decade to seek regulatory approval for an offshore debt restructuring. Sources mentioned that Kwok travelled to Shenzhen for talks with a government committee and onshore regulators about two months ago and is still there. In April, the developer had originally stated to the Hong Kong court that it aimed to iron out the terms by the end of May.

Next Story
Infrastructure Transport

MMRDA Seeks Rs 5.50 Bn Property Tax Waiver on Metro Yards and RMC Plants

The Mumbai Metropolitan Region Development Authority (MMRDA) has requested the State Urban Development Department to direct the Brihanmumbai Municipal Corporation (BMC) to waive Rs 5.50 billion in property tax levied on temporary casting yards and Ready Mix Concrete (RMC) plants set up by Metro contractors. This request follows a letter sent by the BMC in December 2024, demanding recovery of the pending dues.J Kumar Infraprojects was allotted seven plots by MMRDA across various BMC wards—H/East (Santacruz), H/West (Bandra), K/East (Andheri), P/North (Malad), and M/West (Chembur)—to establi..

Next Story
Infrastructure Transport

Bridging the Gap

India’s bridge infrastructure market is poised for significant growth, projected to rise from $ 42.16 billion in FY2024 to $ 68.26 billion by FY2032, registering a compound annual growth rate (CAGR) of 6.21 per cent, according to Markets & Data. This upward trajectory is bolstered by an 11.1 per cent increase in capital infrastructure spending this year, taking the total allocation to Rs 11.11 lakh crore (~$ 133 billion).“Policy reforms and institutional frameworks have emerged as key accelerators in India’s bridge construction landscape, streamlining execution, enhancing resilience ..

Next Story
Infrastructure Energy

We are among the global top 3 in tech adopti

As energy gains global importance, L&T has built a strong presence across hydrocarbons, power, renewables and green technologies. With energy contributing significantly to its revenues, the company is now focused on sustainability and future readiness. In conversation with PRATAP PADODE, Editor-in-Chief, CW, Subramanian Sarma, Deputy Managing Director & President, L&T outlines the company’s strategy for transition, talent and technology.With energy becoming increasingly vital and a key contributor to L&T’s revenues, how do you see the segment evolving?We’ve been..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?