:Kaisa Group said on Monday it has not received any notice from bondholders to accelerate repayments yet as the embattled Chinese property developer has not repaid a US$400 million offshore bond.
The non-payment on the US$400 million maturity on Dec. 7 triggered cross-default provision on all its US$12 billion offshore bonds and prompted a downgrade to"restricted default" by Fitch Ratings. The fate of Kaisa, Evergrande and other indebted Chinese property companies has gripped financial markets in recent months amid fears of knock-on effects, with Beijing repeatedly seeking to reassure investors.
Kaisa said it was still in talks with bondholders over a debt restructuring deal and it had hired Houlihan Lokey as its financial adviser and Sidley Austin as a legal adviser.