China's Kaisa struggles for relief from bond holders as default risk looms

Kaisa's proposal to delay the maturity of the bond comes against the backdrop of growing creditor concerns about its ability to meet their near-term offshore repayment obligations

Chinese developer Kaisa Group Holdings Ltd 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 the regulators to extend their offshore bond maturities or undertake a debt restructuring, as a growing number of defaults hit the sector.

Kaisa's struggle in getting a much-needed