Kaisa Group Faces Winding-Up Petition in Hong Kong High Court
Hong Kong, July 10, 2023 – Kaisa Group, a leading Chinese property developer, has been hit with a winding-up petition filed by Broad Peak Investment Consulting Co., Ltd. The petition seeks to recover outstanding debt amounting to RMB 170 million, including principal and accrued interest on RMB-denominated corporate bonds issued by Kaisa Group’s subsidiary, Kaisa Group (Shenzhen) Co., Ltd.
In response, Kaisa Group announced on July 10 that it will vigorously oppose the petition. The company emphasized that the filing of the petition does not guarantee a successful winding-up of the company. As of now, no winding-up order has been issued by the High Court.
The Hong Kong High Court has scheduled the first hearing of the petition for September 13, 2023. This hearing will determine the next steps in the legal proceedings.
Kaisa Group remains a prominent player in the Chinese property market, and this legal development comes as a setback for the company. However, it is important to note that the outcome of the hearing is yet to be determined, and Kaisa Group has an opportunity to present its case and defend against the petition.
The news of the winding-up petition has drawn significant attention from investors and industry watchers. The outcome of the legal proceedings will have implications not only for Kaisa Group but also for the broader market sentiment towards Chinese property developers.
Disclaimer: This article has been sourced from Jiemian News and published by Interface News. Oriental Fortune, the publisher of this content, declares that it does not constitute investment advice and should be treated as information dissemination. Individuals are advised to proceed at their own risk.