HONG 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.
Broad Peak Investment filed a winding-up petition against Kaisa in July in the Hong Kong High Court in relation to non-payment of onshore bonds worth 170 million yuan ($23.28 million).
With $12 billion of offshore debt, Kaisa is China’s largest issuer of offshore debt among developers after China Evergrande Group. It had 232.5…
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