China Aoyuan suspends offshore debt payments and hires KPMG, Linklaters to steer comprehensive restructuring

Bulletin Express05-04 08:02

China Aoyuan Group Limited announced on 30 April 2026 that it has entered an Event of Default after failing to pay interest on certain notes that fell due on 30 March 2026 and remained unpaid beyond the 30-day grace period. The missed payment has also triggered cross-defaults under other offshore financing arrangements.

Effective 30 March 2026, the company has suspended payment of all principal and interest on its offshore debt and intends to have its subsidiaries halt payments on their respective offshore obligations to ensure pari passu treatment among creditors. Management acknowledged that this move could prompt individual lenders to accelerate or demand repayment; apart from prior notices linked to mortgage loans disclosed on 27 February 2026, no additional acceleration notices had been received as of the announcement date.

To address continuing “severe liquidity pressures,” China Aoyuan has appointed KPMG Advisory (Hong Kong) Limited as financial adviser and Linklaters as legal adviser. The advisory team will evaluate capital structure, assess liquidity, and formulate a comprehensive restructuring plan aimed at achieving fair and equitable outcomes for all offshore creditors.

The company reiterated that successful implementation of any restructuring solution depends on factors beyond its control and committed to providing further updates in accordance with Hong Kong listing rules and other applicable regulations.

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