Chinese Developer Kaisa Group Seeks to Entexd Maturity of Offshore Bond

Chinese real estate developer Kaisa Group (1638.HK) on Thursday said, the company wants to extend matuirty of $400 million bond by a year and half in an attempt to resolve liqudity crunch.

According to Retuers in a filling, the company noted, “it would exchange its 6.5% offshore bonds due Dec. 7 for new notes due June 6, 2023, at the same interest rate if at least 95% of holders accept”.

Kasia Group has not paid coupon worth $88.4 million due on November 11 and 12 with 30-day grace period for both and has the most offshore debt among Chinese developers after China Evergrande Group.