HK Stock Market Move | Kaisa Group (01638) soars nearly 40%, over 75% of creditors support restructuring.

KAISA GROUP (01638) soared nearly 40% in the morning session, reaching a 22.09% increase at the time of writing, trading at 0.105 Hong Kong dollars with a turnover of 30.43 million Hong Kong dollars. On the news side, KAISA GROUP disclosed further information about the overseas debt restructuring. The announcement stated that, after recalculation and confirmation by the information agent, holders of approximately 75.11% of the outstanding principal amount of debts within Kaisa Properties and about 81.07% within Rica Properties have joined the restructuring support agreement. In the first half of this year, KAISA GROUP delivered a total of 12 projects with a combined construction area of around 280,000 square meters in Shenzhen, Beijing, Chongqing, Xuzhou, Jieyang, Zhongshan, and other cities. As of June 30, 2024, the group owned a total of 186 real estate projects in 50 cities across the country, with a land reserve of approximately 23.3 million square meters; of which, the land reserve in the Greater Bay Area is about 13.64 million square meters, accounting for 59% of the group's total land reserve.