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 $400 million offshore bond.
The non-payment on the $400 million maturity on Dec. 7 triggered cross-default provision on all its $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.
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