Kaisa says total debt now over US$10b, looking to restructure

Hong Kong

TROUBLED Chinese developer Kaisa Group disclosed on Monday that its debts now total more than US$10 billion and that it needs to urgently restructure its borrowings in order for a proposed rescue deal by Sunac China Holdings to proceed.

Kaisa said in a stock exchange notice that its aggregate interest-bearing debt stood at 65 billion yuan (S$14.1 billion) at the end of 2014, which includes trade creditors. As much as 35.5 billion yuan of this debt could be due before the end of 2015.