Business Standard

Tuesday, December 24, 2024 | 10:30 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

China: Kaisa fails to get bondholders nod to extend maturity, risks default

Kaisa now faces the possibility of defaulting on its 6.5% offshore bonds due Dec. 7

Property prices in China have skyrocketed to unaffordable levels since private home ownership was introduced in 1998, and the government has faced an ongoing battle to control speculators.
Premium

Reuters
Chinese property developer Kaisa Group Holdings Ltd said on Friday it failed to secure the minimum 95% approval it needed from offshore bondholders to extend the maturity of a $400 million note due next week, raising the risk of a default. 

With the Chinese property sector gripped by an unprecedented liquidity squeeze, Kaisa now faces the possibility of defaulting on its 6.5% offshore bonds due Dec. 7 and drawing renewed focus on other developers also staring at a wall of offshore debt maturing over the next few months. 

Kaisa had hoped to exchange the $400 million 6.5% offshore bonds for

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in