Kaisa announces plan for onshore debt restructuring

Troubled mainland property developer Kaisa Group has announced an onshore debt restructuring plan, Reuters reported, citing a stock exchange notice from the company. The debt plan, involving RMB48 billion (US$7.6 billion) and a reduction in interest payments and tenor extensions, would not entail changes in guarantees, securities or outstanding principal claims, the company said. The mid-sized developer, now trying to persuade its creditors to agree to the plan for the deal to proceed, shocked markets in February when it revealed its borrowings at end-2014 stood at RMB64 billion (US$10.4 billion), more than double the level reported in June.