A Hong Kong investor filed a $100mn claim against Chinese developer Kaisa, signalling the mounting legal pressure on real estate companies that defaulted on their international debts last year during a sector-wide liquidity crisis.
In a filing in New York, Oasis Capital Management claimed it had received no repayment and is owed $102mn in principal and interest, citing four Kaisa bonds worth $90mn.
Kaisa, the second-most heavily indebted Chinese developer after Evergrande in offshore markets, defaulted in late 2021 as it battled to reduce its vast leverage.
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