China's Kaisa Group liquidation petition adjourned by HK court

HONG KONG ― A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until August 12, giving the embattled Chinese developer some respite as it works on its debt restructuring plan.'There are seven members in the AHG, and it takes time to pin down final small details,' Kaisa Group senior advisor LL Tam said on Monday after the hearing, referring to the ad hoc bondholders group.

Kaisa is China's second-largest issuer of offshore debt among property developers after China Evergrande Group and was the first Chinese property developer to default on its US dollar bonds in 2015.China Evergrande was ordered to liquidate by a Hong Kong court earlier this year, and a growing list of companies in the sector, including Country Garden, are fighting against liquidation petitions filed by creditors.

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