Kaisa Group Finalizes Debt Restructuring Deal

Chinese property developer Kaisa Group has entered into a debt restructuring agreement with its creditors to avoid liquidation. The company will issue $5 billion in new senior notes and $4.8 billion in mandatory convertible bonds, maturing between 2027 and 2032, to swap existing debt. This restructuring plan also includes a contribution of 115 million yuan from its chairman and other sponsors. The agreement, supported by over 34% of its debt holders, aims to stabilize Kaisa's business and enhance financial flexibility. This move comes amid a broader crisis in China's real estate sector, with major firms like Evergrande and Country Garden also facing severe financial challenges.