China’s Kaisa Struggles for Relief From Bondholders as Default Risk Looms

A sign on Kaisa Plaza, a property developed by Kaisa Group Holdings, is seen near its apartment building in Beijing, China, on Dec. 1, 2021. Tingshu Wang/Reuters

HONG KONG—Chinese developer Kaisa Group Holdings Ltd. is unlikely to win bondholders’ approval to extend the maturity of a $400 million bond due next week, analysts say, heaping more pressure on other indebted peers.

Kaisa’s proposal to delay the maturity of the bond by 18 months comes against the backdrop of growing creditor concerns about the property developers’ ability to meet its near-term offshore repayment obligations.