GLAS supports successful restructurings of Yuzhou Group and Kaisa Group
The GLAS team in Hong Kong is pleased to have supported the successful completion of two significant offshore debt restructurings in the China real estate market in recent weeks.
In late August, GLAS helped to close the US$6.7 billion restructuring of Yuzhou Group’s offshore debt, implemented via schemes of arrangement in Hong Kong and the Cayman Islands and (innovatively) a consent solicitation conducted before issuance of the restructured debt.
A few weeks later, GLAS supported Kaisa Group in its US$12.3 billion restructuring, implemented via dual parallel schemes of arrangement in three separate jurisdictions – the largest offshore debt restructuring sanctioned to date.
On both matters, GLAS will continue to support the respective companies as Note Trustee in relation to the restructured debt and in other ancillary roles.
GLAS remains closely involved in a number of China real estate restructurings as the sector continues its recovery.
About Yuzhou Group
Established in 1994, Yuzhou Group is a property developer headquartered in Shanghai and Shenzhen with a national foothold. As of 30 June 2025, the company had over 161 projects under various stages of development in 38 cities across China and Hong Kong.
About Kaisa
Founded in 1999, Kaisa Group Holdings Ltd is a Shenzhen-based property developer with a broad national presence. By mid-2025, Kaisa managed a diverse portfolio of projects across more than 50 cities in China, focusing on urban development and integrated services in key economic regions.
About GLAS
GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.
GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $600bn of assets under administration on a daily basis. For more information, contact media@glas.agency.
