A Hong Kong court adjourns the Kaisa Group liquidation plea

25 Jun 2024 CW Team

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.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..