(Bloomberg) -- A Hong Kong court adjourned to June 24 a hearing on a winding-up petition against Chinese developer Kaisa Group Holdings Ltd. on Monday, giving the struggling firm more time to work on a debt agreement.

The hearing was the second held since the original petitioner asked to quit, and a key group of creditors with more than a third of Kaisa’s offshore borrowings sought to take its place. 

The ad-hoc group of creditors and the company have made progress on in-principle agreements, subject to conditions, the group’s lawyer said during the previous court hearing in April. 

The distressed developer has yet to publicly present a restructuring proposal more than two years after its offshore default. 

Kaisa released its last public update on its debt restructuring in late March when it reported its 2023 loss widened 51% from a year earlier to 19.7 billion yuan ($2.7 billion). At the time, the company said it would continue to communicate with its creditors to “implement a holistic restructuring plan as soon as practicable.”

Kaisa is one of many defaulted Chinese developers facing liquidation threats, as demonstrated by the historic wind-up order of China Evergrande Group. There has been little sign that the nation’s real estate debt crisis is near an end, as more developers get caught up in the upheaval. 

China has rolled out fresh efforts recently to revive the real estate sector, including a proposal to have local governments buy millions of unsold homes, pending feedback from several provinces and government entities. It has been regarded as one of its most ambitious attempts to rescue the property market. 

©2024 Bloomberg L.P.