Singapore Hedge Fund Files Wind-Up Case Against China’s Kaisa

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Kaisa said it will “seek legal measures to resolutely oppose the petition.” Photo: Bloomberg

(Bloomberg) — A Singapore-based hedge fund has filed a winding-up petition in Hong Kong against Kaisa Group Holdings Ltd., potentially complicating the Chinese builder’s debt-restructuring effort.

Broad Peak Investment Advisers Pte. Ltd. took the court action regarding alleged nonpayment of 170 million yuan ($24 million) of onshore bonds, Kaisa said in an exchange filing Monday. Most winding-up petitions filed against Chinese mainland developers in Hong Kong have involved dollar-denominated debt.