Troubled Chinese developer Kaisa Group, which has been struggling to restructure its debt after defaulting on US dollar bonds, said it has won support from investors representing more than 80 per cent of its offshore debt claims. The long-discussed restructuring plan looks set to proceed after the developer provided a better settlement for creditors. In a statement to the Hong Kong stock exchange on Thursday night, the Shenzhen-based developer said a group of investors led by Farallon Capital Asia and BFAM Partners (Hong Kong) has agreed to support its restructuring plan after “certain modifications to the economic terms”. Total support has risen from the more than 58 per cent it had on February 17 to in excess of 80 per cent. In a separate statement, BFAM and Farallon said they were pleased to have come to a consensual resolution with Kaisa. “We appreciate our bondholder group’s support in achieving a better outcome,” the statement said. We appreciate our bondholder group’s support in achieving a better outcome Farallon Capital Asia and BFAM Partners (Hong Kong) Compared to the initial plan, Kaisa has increased by 0.56 per cent per annum the PIK (payment in kind) coupon and added 0.61 per cent per annum for the cash component of the PIK toggle coupon. Kaisa was the first Chinese developer to default on US dollar bonds, an action triggered after the Shenzhen government blocked Kaisa’s home sales in Shenzhen in late 2014 due to potential business irregularities. The developer was on the verge of bankruptcy last year but the situation improved after the Shenzhen government partially lifted sale restrictions on its developments. As the next step Kaisa will seek approval from courts in Hong Kong and the Cayman Islands to hold a creditors’ meeting as soon as possible to vote for the plan. Hong Kong and Cayman Islands law requires approval of 75 per cent of shareholders by value when casting votes to implement a restructuring. Trading of Kaisa’s shares in Hong Kong has been suspended since last March due to the delay in posting financial results for 2014.