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China's Kaisa Group liquidation hearing adjourned by Hong Kong court

Clare Jim and Xie Yu
·1 min read
A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai

By Clare Jim and Xie Yu

HONG KONG (Reuters) -A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sept. 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.

The Shenzhen-based developer has been working to restructure its $12 billion offshore debt for two years after defaulting in late 2021.

Kaisa senior adviser LL Tam said outside the court the company was finalising documents for a restructuring agreement with bondholders that it hoped would be settled in less than a month.

Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The petitioner did not object to the adjournment request in the Hong Kong court on Monday.

The matter before the court concerns the non-payment of 2023 notes with an outstanding principal of $750 million.

(Reporting by Clare Jim and Xie Yu in Hong Kong; Writing by Scott Murdoch; Editing by Christian Schmollinger and Jacqueline Wong)