[2025] HKCFI 2699, the Court of First Instance sanctioned parallel schemes of arrangement restructuring US$12.3 billion in offshore debts for property giant Kaisa Group Holdings (“

”) and its subsidiary Rui Jing Investment (“

”). This is the largest offshore debt restructuring of a Chinese real estate company that has been judicially approved to date.

Kaisa is the second-largest offshore debt issuer among Chinese developers after China Evergrande Group. Due to the pandemic and property market crisis in Mainland China, Kaisa defaulted on USD-denominated senior notes, triggering cross-defaults across its offshore debts. Kaisa, RJ and an 

”) signed a Restructuring Support Agreement, proposing inter-conditional schemes of arrangement to restructure their main offshore debts. 

Linda Chan J’s decision, approving the schemes, offers significant guidance on the approach of Hong Kong courts to inter-conditional parent-subsidiary schemes in complex, multi-jurisdictional insolvencies, including the following matters:

, instructed by Sidley Austin, acted for the companies.

 [2025] HKCFI 2699, the Court of First Instance sanctioned parallel schemes of arrangement restructuring US$12.3 billion in offshore debts for property giant Kaisa Group Holdings (“

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Court Approval of Landmark Schemes of Arrangement for Property Giant Kaisa’s US$12.3 Billion Cross-border Debt

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