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Harneys advises on US$2.5 billion Kaisa Group Holdings Ltd restructuring

9 June 2016

Harneys advised HKSE-listed property developer Kaisa Group Holdings Ltd on the restructuring of US$2.5 billion of offshore debts, which completed in June 2016.

Kaisa Group is one of the largest property developers in China and its restructuring is arguably the largest judicially approved, multi-jurisdictional debt restructuring of a China-based group, with schemes of arrangement sanctioned by the Grand Court of the Cayman Islands and the High Court of Hong Kong, together with an application under Chapter 15 of the US Bankruptcy Code for recognition of the Hong Kong scheme.

The restructuring of the Kaisa Group’s offshore claims provides a useful and recent example of parallel schemes of arrangement being successfully implemented in multiple jurisdictions, and is regarded as one of the headline restructurings of 2016. This matter won a Deal of the Year Award from China Business Law Journal, announced in January 2017.
 
The restructuring was led by Ian Mann and newly promoted partner Chai Ridgers, both based in Hong Kong, and Jayson Wood, Litigation and Restructuring Partner in the firm’s Cayman Islands office.