China developer Kaisa's winding-up hearing adjourned to next month

Kaisa group

13/09/2023 08:53

By Xie Yu
       HONG KONG, Sept 13 (Reuters) - A Hong Kong court on
Wednesday adjourned the formal hearing for a winding-up petition
against Chinese property developer Kaisa Group  1638.HK  to Oct.
6.
    The adjournment was initiated because the petitioner would
have to amend some technical issues with the petition, including
fixing the legal name of an entity, the court said. 
    Kaisa in July said a winding-up petition had been filed
against it in a Hong Kong court by Broad Peak Investment Pte
Advisers Ltd in relation to non-payment of onshore bonds worth
170 million yuan ($23.50 million).
    The issuer of the yuan bonds is the developer's wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.
    Besides Kaisa, a couple of other Hong Kong-listed Chinese
developers are also facing winding-up petitions filed after the
sector slipped into a debt crisis in 2021, resulting in many
firms defaulting on their debt obligations.
    Shenzhen-based Kaisa has said it would seek legal measures
to oppose the winding-up petition vigorously.
    The first Chinese property developer to default on its
dollar bonds in 2015 and undergo a restructuring, Kaisa was also
among the first developers to default in the latest property
sector debt crisis.
    ($1 = 7.2822 Chinese yuan renminbi)

 (Reporting by Xie Yu
Editing by Shri Navaratnam)
 ((Yu.Xie@thomsonreuters.com;))