Hong Kong court grants Kaisa Group extension for debt restructuring

13 Aug 2024 CW Team

A Hong Kong court has granted troubled Chinese developer Kaisa Group an additional four weeks to negotiate with bondholders and finalise a debt restructuring plan.

Kaisa, headquartered in Shenzhen, is the second-largest issuer of offshore bonds among Chinese developers, trailing Evergrande.

The company first defaulted on its debt in 2021, amid the broader downturn in China's property sector following Beijing's 2020 crackdown on excessive borrowing and speculation.

Judge Anthony Chan agreed to extend the case until September 9, following a mutual agreement between Kaisa and the petitioners. The extension allows more time for the parties to reach a viable restructuring agreement.

Lawyer Eva Sit, representing the bondholders, stated, "The parties agree that the adjournment will help us finalise the agreement this time."

As of the end of last year, Kaisa reported total liabilities of 226 billion yuan. At a June hearing, the company indicated that around $13 billion of this debt was under restructuring.

The judge had previously warned Kaisa that failure to show progress could result in no further extensions. The winding-up petition against Kaisa was initially filed in July of the previous year.

(ET)

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..