Evergrande officially declared indebtness on offshore/international bonds! Kaisa struggles for relief from bondholders as default risk looms

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by Scrolling_Scroller

Things are actually happening!

 

Link to below official statement:

www1.hkexnews.hk/listedco/listconews/sehk/2021/1203/2021120302119.pdf

China’s Kaisa struggles for relief from bondholders as default risk looms

HONG KONG, Dec 2 (Reuters) – Chinese developer Kaisa Group Holdings Ltd (1638.HK) is unlikely to win bondholders’ approval to extend the maturity of a $400 million bond due next week, analysts say, heaping more pressure on other indebted peers.

Kaisa’s proposal to delay the maturity of the bond by 18 months comes against the backdrop of growing creditor concerns about Chinese property developers’ ability to meet their near-term offshore repayment obligations.

Some developers in late October called on regulators to extend their offshore bond maturities or undertake a debt restructuring, as a growing number of defaults hit the sector in a fallout from embattled China Evergrande Group (3333.HK).

 

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