China's Kaisa falls as Hong Kong court adjourns liquidation petition

Kaisa group

24/06/2024 03:56

** Shares of Chinese property developer Kaisa Group
 1638.HK  fall 5.8% to HK$0.129, on course for biggest one-day
pct drop since June 12 if trend holds
    ** A Hong Kong court adjourned a hearing into a petition
seeking liquidation of Kaisa until Aug. 12, giving the embattled
developer some respite as it works on its debt restructuring
plan 
    ** The Shenzhen-based developer, which has a market value of
HK$905 mln ($116 mln), has been working to restructure its
offshore debt for two years after defaulting on $12 bln in
offshore debt in late 2021
    ** The Hang Seng Mainland Properties Index  .HSMPI  falls
1.6%, the Hang Seng Composite Index  .HSCI  eases 1.1% and the
Hang Seng Index  .HSI  slips 1%
    ** Stock down 25.4% YTD  
($1 = 7.8042 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))