HONG KONG — The troubled Chinese developer Kaisa Group disclosed on Monday that its debts now total more than $10 billion and that it urgently needs to restructure its borrowings if a proposed rescue deal by Sunac China Holdings is to proceed.
Kaisa said in a stock exchange notice that its debt stood at 65 billion renminbi, or $10.4 billion, at the end of 2014, which includes trade creditors. As much as 35.5 billion renminbi of this debt could be due before the end of 2015.
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Kaisa said it would hold a meeting with its onshore creditors later on Monday and said it hoped to engage offshore creditors on a restructuring proposal as soon as is practicable.
Kaisa added that it hoped to reach a debt restructuring agreement by the end of March and to complete the process in April.
