Regional news: China

Linklaters, Haitong hired as another Chinese property developer halts offshore debt payments

Cayman Islands-incorporated, Shanghai-headquartered property developer CIFI Holdings has hired Linklaters and Haitong International Securities Company for advice on a “holistic” restructuring solution, after suspending all payments on its offshore debt.

02 November 2022

GRR Live, New York: China’s debt-trap conspiracy

After two decades that have seen China become the largest bilateral lender to the world’s poorest countries, attendees at GRR Live in New York said talk of so-called “debt-trap diplomacy” is misplaced but the country needs to decide whether it wants to be isolated or part of the developed financial world.

19 October 2022

Hong Kong Airlines secures scheme meetings in Hong Kong

Crossing the first hurdle in its dual UK-Hong Kong restructuring, Hong Kong Airlines has won approval to convene scheme meetings in Hong Kong ahead of a separate hearing for its UK restructuring plan next week.

13 October 2022

Peking Uni bondholders secure keepwell deed victory in Hong Kong

In what has been hailed an important milestone for keepwell deeds, which may boost cross-border cooperation between Hong Kong and Beijing, the mainland administrators of Peking University’s corporate arm have lost their bid to appeal a Hong Kong decision allowing bondholder disputes to proceed in Hong Kong.

12 October 2022

Hong Kong Airlines launches dual Hong Kong-UK restructuring

Latham & Watkins, Walkers and Zhong Lun are advising Hong Kong Airlines on a Hong Kong scheme and UK restructuring plan, with parallel proceedings deemed necessary in light of concerns about the Hong Kong courts' attitude to the Gibbs rule.

07 October 2022

China’s E-House seeks US recognition of Cayman scheme

Struggling Chinese real estate services provider E-House (China) Enterprise is seeking Chapter 15 recognition of its Cayman scheme, which it recently amended to allow it to deal with notes held through sanctioned Russian banks.

04 October 2022

Ozner scheme sanctioned in Hong Kong, mainland recognition pending

Cayman-incorporated water purification company Ozner Water has secured sanction of a Hong Kong scheme of arrangement, while a recognition application by its liquidators is pending in mainland China.

20 September 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

Chinese developer Sunac facing winding up in Hong Kong

Struggling Chinese real estate developer Sunac is facing a winding up petition in Hong Kong but says it will continue negotiating with offshore creditors to formulate a viable restructuring plan.

13 September 2022

Hong Kong court threatens property developer’s directors with costs of winding up petition

Directors of a Chinese property developer who opposed its winding up in Hong Kong on the basis of a vague restructuring proposal that never moved forward, may now face paying the costs of the petition after a highly critical court decision.

06 September 2022

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