China property developer Kaisa faces $102 mln in legal claims on bonds - filing
By Scott Murdoch
SYDNEY, Jan 13 (Reuters) - Hong Kong investment firm Oasis Capital Management has filed a legal claim in New York against Chinese property developer Kaisa Group Holdings to recoup $102.3 million in missed payment and interest from four bonds, a U.S. court filing shows.
The documents were lodged on Thursday and showed Oasis was the beneficial owner of $90 million worth of unsecured notes issued by Kaisa that matured in 2022.
The bonds were an 11.25% note due to expire in April last year, a 8.5% note due in June, an 8.65% note due in July and an 11.95% note due in October.
In the complaint, Oasis said Kaisa had failed to repay its initial investment in the bonds plus $12.3 million of interest payments.
Kaisa and Oasis did not immediately respond to a request for comment from Reuters.
Kaisa is the second-largest U.S. dollar bond issuer among Chinese developers after China Evergrande Group.
The first Chinese property developer to default on its dollar bonds in 2015 and undergo a restructuring, Kaisa was among the first developers to default in the latest debt crisis that started unfolding in the middle of 2021.
Reuters reported in November Kaisa had paused negotiations on its debt restructuring plans with offshore creditors as the company preferred to see if the Chinese property market conditions improved. (Reporting by Scott Murdoch in Sydney; Editing by Kenneth Maxwell)
