HONG KONG: Chinese property developer Kaisa Group Holdings Ltd has started work on restructuring its offshore debt worth $12 billion, a source with direct knowledge of the matter said on Thursday, after missing a bond payment deadline this week.
Kaisa, China's largest holder of offshore debt among developers after China Evergrande Group, did not repay $400 million of bonds that matured on Tuesday, triggering cross-default provision on all its offshore bonds and prompting a downgrade to "restricted default" by Fitch Ratings.
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