Regional news: China

Sunac seeks US recognition after Hong Kong scheme approval

Chinese real estate developer Sunac has sought Chapter 15 recognition in New York, one day after creditors voted to support a Hong Kong scheme dealing with US$9 billion of its offshore debt.

19 September 2023

Sunac creditors back offshore restructuring scheme

Creditors holding US$9 billion of struggling Chinese real estate developer Sunac’s offshore debt have voted to approve a Hong Kong scheme that will see them swap their claims for new notes, convertible bonds and equity.

18 September 2023

Major developments in China’s surging restructuring market

Featured in Asia-Pacific Restructuring Review 2024

15 September 2023

New York judge to seek aid from China in Schahin unjust enrichment suit

A US judge has agreed to issue a letter of request to a Chinese court to help the Brazilian administrators of oil and gas group Schahin secure documents to support their unjust enrichment claims against a host of international banks.

01 September 2023

Evergrande scheme meetings delayed as trading resumes

Embattled Chinese property developer Evergrande has adjourned meetings to vote on its four offshore schemes until next month, saying creditors need more time to consider its proposals after it resumed trading following a 17-month hiatus.

28 August 2023

Evergrande files momentous Ch15 petitions in New York

In what marks the largest US bankruptcy filing this year, struggling Chinese real estate giant Evergrande has sought Chapter 15 recognition of schemes it has launched in Hong Kong and the British Virgin Islands to deal with almost US$20 billion of New York law-governed debt.

17 August 2023

BVI court rejects Cayman Shinsun precedent

A British Virgin Islands judge has found that the ultimate beneficial owner of New York law-governed notes issued by a Chinese property developer has standing to present a winding up petition against it as a contingent creditor, declining to follow the recent Shinsun decision from the Cayman Islands.

09 August 2023

Yuzhou Group proposal drafted by Linklaters and Alvarez faces early opposition

Chinese property developer Yuzhou Group Holdings has announced a restructuring proposal devised by Linklaters and Alvarez & Marsal through which it hopes to target a US$5.5 billion offshore debt pile – but it already faces opposition from an ad hoc group of senior bondholders.

07 August 2023

Chinese property developer schemes move ahead across key jurisdictions

UPDATED: Sidley Austin-advised property developers Sunac and Evergrande have been allowed to convene creditors’ meetings for schemes across Hong Kong, the British Virgin Islands and the Cayman Islands; while E-House, which is relying on Skadden and Maples, has finally re-opened scheme proceedings in the Cayman Islands, this time with a parallel scheme in Hong Kong.

01 August 2023

Ascentra’s Cayman liquidators to fight Ch15 termination motion

Three months after a Singapore court denied recognition of beauty products e-commerce company Ascentra’s Cayman liquidation, its foreign representatives are fighting an attempt to have its Chapter 15 recognition terminated in New York.

20 July 2023

Unlock unlimited access to all Global Restructuring Review content