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Cash-trapped Chinese property developer Kaisa Group Holdings is making progress in restructuring some of its $18 billion debt, and pledged to publish its overdue 2021 accounts by the end of October.
The comapny said it reached agreements with some onshore creditors to extend debts, according to a stock exchange filing, without disclosing the number of creditors or the amount involved.
Kaisa signed a “strategic cooperation” with state-owned developer China Merchants Shekou Industrial Zone in April, it said.
In addition, it also agreed to sell some of its property inventories in Shenzhen to Citic Group in June and reached a restructuring arrangement in connection with certain projects, according to the filing.
The developer also had a deal with state-owned distressed asset manager Great Wall Asset Management Company in April.
The stock has been suspended from trading since April at HK$0.84, having lost as much as two-thirds of its market value over the preceding 12 months.
Kaisa failed to repay creditors on four tranches of offshore bonds and accrued interests totalling $519 million in December and January, triggering cross defaults on $11.8 billion of outstanding bonds.
Kaisa had 124 billion yuan ($18.4 billion) of borrowings in June 2021, including almost US$12 billion in offshore bonds, according to its last published accounts. The company, which changed its auditors and chief financial officer in June, expects to only publish its 2021 accounts in October, seven months behind regulatory requirements.