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Caixin Global

Business

Chen Bo and Denise Jia

Kaisa Group in Debt Restructuring With Citic Bank, Sources Say

What’s new: Defaulted Chinese developer Kaisa Group Holdings Ltd. completed a debt restructuring with lender China Citic Bank Corp., Caixin learned from multiple independent sources.

Citic Bank has been a long-term creditor to Kaisa and helped bail out the company from a previous crisis. In 2015, Citic Bank together with trust companies provided 30 billion yuan ($4.5 billion) of loans to Kaisa after a local government in Shenzhen blocked the company’s real estate sales amid anti-corruption probes.

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