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Courts in Hong Kong heard four liquidation suits against Chinese developers from their frustrated creditors last week, a record number of cases to hit the courts at the same time.
All four were granted temporary reprieves from liquidation, but the longest grace period the courts extended was seven weeks. Kaisa Holdings was bluntly told there would be “no excuse” for giving it another extension. Court observers noted that the restructuring terms are getting worse with every extension.
The bad news is that the tactic might not work. Creditors are desperate for cash with the global economy sputtering but Chinese developers are even more desperate because their asset values are tumbling and Chinese consumer confidence is near all-time lows.in June that China’s housing market does not appear to be responding to massive government stimulus measures enacted this year. Investors and individual home buyers “remain cautious” and home prices are still tumbling.
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