Troubled Chinese developers Kaisa Group and Times China Holdings, which defaulted on a combined US$15 billion of offshore debts, have been granted more time to negotiate with creditors as the city’s High Court on Monday ordered adjournments in their winding-up hearings.
Shenzhen-based Kaisa Group got a four-week reprieve after Justice Anthony Chan adjourned the case to September 9. The company will announce a debt workout plan before the next hearing, Lai Ling Tam, senior advisor for the Kaisa Group, said outside the court after the hearing.
Source: TRADE FINANCE
