Kaisa Group Holdings is making progress in restructuring some of its $18 billion borrowings after defaulting on its offshore bonds, while pledging to publish its overdue 2021 accounts by the end of October, reports the South China Morning Post.
The cash-strapped developer based in Shenzhen said it reached agreements with some onshore creditors to extend its existing borrowings, according to a stock exchange filing late Monday. It did not disclose on the number of creditors or the amount involved.
Kaisa earlier signed a “strategic cooperation” with state-owned developer China Merchants Shekou Industrial Zone in June, while also agreeing to sell some of its inventories to Citic Group. The developer also had a deal with state-owned distressed asset manager Great Wall Asset Management Company in April.