HONG KONG : Chinese property developer Kaisa Group Holdings Ltd has started work on restructuring its offshore debt worth US$12 billion, a source with direct knowledge of the matter said on Thursday, after missing a bond payment deadline this week.
Its restructuring will be among the biggest in China, even as uncertainty continues about the fate of Evergrande's missed bond coupon payments this week that would trigger cross-default on its roughly US$19 billion of international bonds, with possible ramifications on China's economy and beyond. But an agreement is unlikely in the next few weeks as the talks are still at an early stage, the first source said.
The group of Kaisa offshore bondholders, who say they own 50per cent of the notes that were due on Dec. 7, sent the company draft terms of forbearance late on Monday.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trading in shares of Chinese developer Kaisa suspended -HKEXHONG KONG :Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange. The suspension comes after a source with direct knowledge of the matter said Kaisa was unlikely to meet its US$400 million offshore debt deadline on Tuesday.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Tesla sold 52,859 China-made vehicles in November -CPCABEIJING : U.S. electric vehicle maker Tesla Inc sold 52,859 China-made vehicles in November, including 21,127 for export, the China Passenger Car Association (CPCA) said on Wednesday.CPCA said passenger car sales in November in China totalled 1.85 million, down 12.5per cent from a year earlier. Still tens of thousand too many. Money earned to the US to be spend in harming China & China people.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China warns Olympics diplomatic boycott nations will 'pay a price'BEIJING: China warned Western nations on Thursday (Dec 9) they would \u0022pay the price\u0022 for a diplomatic boycott of the 2022 Beijing Winter Olympics. Washington announced its boycott earlie Do not poke the panda!!! they poked the panda.🤦♂️
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Canada to join diplomatic boycott of Olympics to send China human rights message -PMOTTAWA :Canada will join its allies in a diplomatic boycott of the 2022 Winter Olympics in Beijing to send China a message over its human rights record, Prime Minister Justin Trudeau said on Wednesday.Australia and Britain will join the diplomatic boycott, their prime ministers said on Wednesday, as other all
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China says Britain is trying to smear Beijing OlympicsLONDON: China on Wednesday accused Britain of trying to smear the winter Olympics in Beijing in a blatant contravention of the Olympic spirit after Prime Minister Boris Johnson said there were no plans for British ministers to attend. \u0022The Chinese government has not invited government ministers or official Beijing committed genocide against it own people Canada 'Hold my beer' No the CCP's doing that 🙄
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Ahead of the games China comes out fighting, saying ‘nobody cares’ about AustraliaChina accuses Australia of 'political posturing and selfish games' after Canberra announced a diplomatic boycott of the Beijing Winter Olympics over human rights concerns. The spokesman for the Foreign Ministry Wang Wenbin slammed Australia for 'blindly following' the US in announcing a boycott.
Source: YahooSG - 🏆 3. / 71 Read more »