Chinese property developer Kaisa Group’s offshore bondholder group offers up to $2 bn to buy its stalled housing projects – report
STOCKS
Chinese property developer Kaisa Group’s offshore bondholder group offers up to $2 bn to buy its stalled housing projects – report
STOCKS

Chinese property developer Kaisa Group’s offshore bondholder group offers up to $2 bn to buy its stalled housing projects – report

 

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An offshore bondholders’ group of troubled property developer Kaisa Group is offering up to $2 billion to acquire its stalled housing projects to facilitate their completion, Reuters reported, citing people with direct knowledge of the matter said.

If successful, it would be the first foreign investor takeover of Chinese developers’ distressed residential assets.

The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa’s stalled projects to the developer’s advisor CITIC Securities, said the report.

They aims to offer up to $2 billion to buy some non-performing loans from Kaisa’s lenders, tied to stalled projects, at a 20%-25% discount and provide the financing needed to complete the projects, it said.