The Hong Kong court allows the Chinese developer Jia Zhaoye, a dilemma, will be released after the liquidation hearing time, so that the company has more time to obtain an agreement with the bond holder to reorganize the plan.
Comprehensive Agencence France -Presse and Bloomberg report, the Hong Kong Court of Court of Court on Monday (August 12) took the liquidation of the Jiazhaoye Group to hear the hearing until September 9th.Unanimous consent.
The liquidation hearing has been repeatedly behind.On April 29 of this year, the Hong Kong court announced that the liquidation of the Jiazhaoye Group was postponed to May 27.On May 27, the Hong Kong court extended the liquidation hearing of Jiazhaoye until June 24, and then after that until August 12, this was another postponing of the case.
Since 2020, Beijing has severely crack down on excessive borrowing and excessive speculation in the real estate industry. The Chinese real estate industry has not recovered. At present, some developers are experiencing the reorganization process.Shenzhen's Jiazhaoye is the second largest offshore bond issuer among Chinese developers, second only to Evergrande, and the first breach of contract in 2021.
As of the end of last year, Jiazhaoye's total liabilities were 226 billion yuan (S $ 41.68 billion).At the hearing in June, the representatives of Jiazhaoye said that the total debt of the reorganized debt was about $ 13 billion (S $ 17.21 billion).
At that time, the judge warned that there was no reason for Jiazhaoye's failure to make progress, and it was said that the court may not be approved for further extension.
