Bloomberg News reported that Kaisa Group Holdings Ltd., a large real estate company in China, has reached agreements with several domestic financial institutions. to request an extension of time for repayment After the company defaulted on payment for the second time since the company’s establishment.
Kaisa Group said it had entered into agreements with local banks and members of the Citic Group on distribution in Shenzhen. extension of repayment time and debt restructuring for foreign debenture holders The company hopes to reach an agreement on debt restructuring as soon as possible to revitalize the company.
Previously, Kaisa Group had defaulted on its debt once in 2016, prompting the company to face debt restructuring. Before the company recovered and became a leading real estate company in China. But the impact of the Chinese government’s debt control measures has left the Kaisa Group and many large real estate companies faced with huge debt burdens. and resulted in a second payment default in the end.
The Kaisa Group has defaulted on its second debt since its inception. after failing to pay off a $400 million loan in December 2021 As a result, the company filed a debt restructuring in the same month. Before trading in the company’s shares was suspended on April 1 ago.
