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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsHONG KONG - Struggling Chinese property developer Kaisa Group said creditors would get less than 5% of their money back if it is forced into liquidation, a lawyer for one creditor who is suing the company told a Hong Kong court on Tuesday.
The first Chinese property developer to default on its dollar bonds in 2015 and undergo a restructuring, Shenzhen-based Kaisa was also among the first developers to default in the latest property sector debt crisis, which is weighing heavily on China's economy. Kaisa has applied to strike out the petition, with its lawyer arguing in court the bond contract is under mainland Chinese law and Broad Peak does not have the authority to commence a winding up procedure in Hong Kong. Hong Kong is a special administrative region of China but maintains its own legal system.
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