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.
