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

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. 
The restructuring was led by partners Ian Mann, Chai Ridgers and Jayson Wood.