A Hong Kong investor filed a $100 million claim against Chinese developer Kaisa, signalling the mounting legal pressure on real estate companies that defaulted on their international debts last year during a sector-wide liquidity crisis, reports the Financial Times. In a filing in New York, Oasis Capital Management claimed it had received no repayment and is owed $102 million in principal and interest, citing four Kaisa bonds worth $90 million.
Kaisa, the second-most heavily indebted Chinese developer after Evergrande in offshore markets, defaulted in late 2021 as it battled to reduce its vast leverage.
A lack of progress in a series of protracted restructurings has frustrated international investors, who have frequently threatened legal action in response to the delays.