China Business & Economy

China’s Kaisa Group Liquidation Hearing Postponed by Court

China’s Kaisa Group Liquidation Hearing Postponed by Court
A security guard stands on duty at the gate of a real estate project under development by Kaisa Group Holdings in Hangzhou in eastern China's Zhejiang province, on Jan. 16, 2015. Chinatopix via AP
Catherine Yang
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A Hong Kong court on Monday adjourned a hearing for a petition seeking the liquidation of China’s Kaisa Group until Sept. 9. This comes after a judge in June gave the developer a seven-week adjournment to work out a restructuring plan, stating there was no excuse to have no progress by Aug. 12.

Citicorp International is the petitioner, after a former petitioner withdrew in the spring. The bank is a trustee of a major group of bondholders in Kaisa, which defaulted on $12 billion in debt late in 2021.

Catherine Yang
Catherine Yang
Author
Catherine Yang has been with The Epoch Times in New York since 2008. She also launched and previously served as chief editor of American Essence magazine and Epoch Health.