Beijing The ailing Chinese real estate group Kaisa is apparently getting a delay from its creditors when repaying prematurely due bonds. The company has not yet received a request from its bondholders to initiate the repayments that have become due earlier due to a default clause, Kaisa announced on Sunday.
The Chinese real estate developer was unable to service $ 400 million in bonds due on December 7, triggering a counter-default clause on all of its offshore bonds due in 2023 and 2025. The rating agency Fitch then downgraded its credit ratings for the highly indebted construction company to “Restricted Default” (RD) at the beginning of the month. This is the second lowest level and is on the verge of total failure. Kaisa says it has foreign bonds outstanding to the tune of $ 12 billion.