Regional news: Hong Kong
Sidley and Conyers called on again as Chinese property group files Cayman scheme
Another struggling Chinese real estate group listed in Hong Kong has secured permission to convene a meeting for creditors to vote on a Cayman scheme to restructure its offshore debt.
02 May 2023
Cayman SPC liquidators plan recognition actions in Malaysia and UK
The Hong Kong and Cayman-based voluntary liquidators of a cash-strapped segregated portfolio company have asked a Cayman court to supervise its liquidation and allow them to seek recognition in Malaysia and the UK.
01 May 2023
Appleby and Sidley secure “key precedent” in Cayman winding up dispute
In a first-of-its-kind decision, a Cayman court has dismissed a winding up petition brought against a Chinese real estate developer by an ultimate beneficial holder of its New York law-governed notes, which it said had failed to obtain the authorisation required under the notes’ indenture.
28 April 2023
Chinese property group faces New York suit over “highly suspicious” missed payments
A group of offshore bondholders advised by Kobre & Kim has filed a claim against Chinese real estate developer Glory Health Industry in New York, claiming it has missed several payments on its senior notes since last July.
19 April 2023
Another creditor group forming for Evergrande restructuring
White & Case is forming a group of offshore debt holders affected by Chinese real estate giant Evergrande’s recently announced restructuring proposal, with plans to hold a conference call later this week.
10 April 2023
Sidley hires in Texas as global push continues
Weeks after recruiting London-based Kieran Sharma from global investment firm Strategic Value Partners, Sidley has added a new partner in Texas who it says will help grow its company-side practice worldwide.
07 April 2023
RSAs for real estate groups: E-House and Evergrande enter new deals with creditors
Chinese real estate services group E-House has clinched a new deal with certain offshore noteholders after failing to consummate a Cayman scheme approved last November, on the same day that Evergrande entered restructuring support agreements with a key creditor group.
04 April 2023
Crypto assets are property, Hong Kong court affirms
Cryptocurrency is property and capable of being held on trust, a Hong Kong court has ruled, in a landmark decision that puts it on the same footing as courts in five other common law jurisdictions and the US.
03 April 2023
Sidley and Linklaters take roles as Sunac strikes deal with creditors
Chinese real estate developer Sunac China Holdings has entered a restructuring support agreement with an ad hoc group of offshore creditors to deal with US$9 billion of debt.
29 March 2023
Evergrande finally unveils restructuring plan with support from ad-hoc group
Chinese real estate behemoth Evergrande has unveiled a long-awaited restructuring plan targeting offshore notes worth around US$19 billion, which has secured the support of an ad hoc group of creditors advised by Harneys and Kirkland & Ellis.
23 March 2023