Chinese Property Developers Seeks for Restructuring Plan as Coupon Deadline Nears
Kaisa Group working on coupon defferal plan while Evergrande actively engaging in a restructuring plan, says Bloomberg
A group of bondholders of Kaisa Group have sent the company a formal forbearance proposal which would allow the company to buy some time to avoid default on $400 million dollar bonds due to Tuesday.
In a separate development shares of China’s real estate companies surged after policy makers signaled to ease funding curbs in the sector.
China Evergrande Group is also reportedly planning to include all of its offshore public bonds and private debts in a restructuring that may mark the China’s biggest, Bloomberg reported citing people familiar with the matter. According to Bloomberg, the company actively plans to engage with offshore bondholders on the restructuring process amid grace period on two-dollar bonds payment were due to end on Monday.