Kaisa gets reprieve from HSBC on HK$400mn loan repayment

HSBC (0005.HKG) has granted a waiver to allow Kaisa Group Holdings (1638.HKG) time to scrounge up HK$400 million (US$51.59 million) for repayment of a loan a loan that the bank concluded was due upon resignation of the property developer’s chairman Kwok Ying Shing, South China Morning Post reported, citing an exchange filing from the developer. The firm is already in technical default on a US$500 million 10.25% senior bond issued last year after failing to make an interest payment worth US$23 million due January 8. It is the subject of a reported 28 mainland court filings from creditor institutions including Bank of China (4601.HKG).