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Bond Market News
Multiple Chinese Developers Face Liquidation Hearing Next Week
June 21, 2024
Multiple Chinese Developers are scheduled to face liquidation hearings going into next week. Kaisa and Dafa Properties have a hearing scheduled on Monday, followed by Shimao and Redsun Properties on Wednesday. The companies must show they have made progress in restructuring their debt, or run the risk of judges ordering liquidation of their assets to repay creditors. Kaisa is yet to publicly present a restructuring proposal more than two years after defaulting on its offshore bonds, while Shimao released an initial restructuring plan offering four options to its offshore creditors. Developers like Evergrande and Dexin China have already received winding-up orders by the court.
Dollar Bonds of Shimao and Kaisa continue to trade at deeply distressed levels.
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