Kaisa has reached an agreement with creditors for partial repayment amid a broader crisis in the Chinese property sector, now marked by bankruptcies and financial strain.
Once a pivotal growth engine, China's real estate sector is now facing significant hardships as firms fail to complete projects and the government imposes strict regulations.
The company, which first defaulted on dollar bonds in 2015, is now aiming to stabilize with a $5 billion bond issuance as its debts soar to $31.7 billion.
As Kaisa restructures, it follows in the footsteps of other giants like Evergrande and Country Garden, both confronting dire financial challenges and court hearings.
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