Developer Kaisa reveals offshore debt restructuring plan

Mainland developer Kaisa Group is planning to restructure its debts by cutting interest and extending maturity of its offshore bonds and convertible bonds, Reuters reported, citing a filing to the Hong Kong stock exchange. The firm will also propose amendments to its offshore loans, although details on this matter have not been revealed. The company has been mired in crisis since late last year after the local government in Shenzhen blocked sales at some of its projects. It faces the prospect of being the first Chinese property company to default on an offshore debt if it fails two bond coupon payments later this month.