HONG KONG A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Kaisa Group until Sept 9, giving the embattled Chinese developer more time to reach agreement with some bondholders on its debt restructuring plan.

The Shenzhen-based developer has been working to restructure its US$12 billion offshore debt for two years, after defaulting in late 2021.

Kaisa senior adviser LL Tam said that outside the court, the company was finalising documents for a restructuring agreement with bondholders that it hoped would be settled in less than a month.

Citicorp International, the trustee of a major group of bondholders, has been acting as petitioner since March after a former petitioner withdrew. The petitioner did not object to the adjournment request in the Hong Kong court on Monday.

The matter before the court concerns the non-payment of 2023 notes, with an outstanding principal of US$750 million.

  - Reuters