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Kaisa shares surge in Hong Kong as majority of creditors support debt restructuring plan
Kaisa Group surged by as much as 42 per cent in Hong Kong trading as traders bet the Chinese developer will overcome its financial crisis after enough creditors consented to its proposed debt restructuring plan.
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The stock rose as much as 3.6 HK cents, or HK$0.122 before retreating to HK$0.101 at 3.45pm local time on Tuesday, according to stock exchange data, paring its decline this year to 42 per cent. The broader market advanced, with the Hang Seng Index rallying 1.3 per cent.
Kaisa said investors holding 75.11 per cent of its debt and 81.07 per cent of another batch of debt have agreed to support the group’s workout plan, according to an exchange filing on Monday. The consent is a critical lifeline for the Shenzhen-based home builder, after some hostile creditors sued in Hong Kong to recover their debts.
The group has proposed to issue US$5 billion worth of new bonds maturing in 2027 to 2032, and US$4.8 billion of mandatory convertible bonds to repay creditors.
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The developer has defaulted on about US$12 billion bonds and other borrowings since 2021, triggered by China’s “three red lines” policy to curb excessive leverage in the industry. Kaisa had also defaulted in 2015, when it became the first Chinese developer to renege on offshore dollar bonds.