Chinese property developer Kaisa Group has started work on restructuring its offshore debt worth $12bn (about R190bn) after missing a bond payment deadline this week.

Kaisa, China’s largest holder of offshore debt among developers after China Evergrande Group, did not repay $400m of bonds that matured on Tuesday, triggering cross-default provision on all its offshore bonds and prompting a downgrade to “restricted default” by Fitch Ratings...

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