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Kaisa Group Reaches Debt Restructuring Agreement, Shares Jump 10%

Aug 20, 2024, 12:55 AM

Chinese property developer Kaisa Group has reached an agreement with a key group of creditors to restructure its offshore debt. This development comes as the company faces an ongoing liquidation petition. The restructuring support agreement is seen as a crucial step in helping Kaisa stabilize its financial situation. Following the announcement, shares of Kaisa surged by more than 10%, reflecting investor optimism. Kaisa's progress on debt restructuring is part of broader efforts by Chinese developers to manage financial challenges amid a tough real estate market.