HONG KONG, March 8 Reuters A Hong Kong court adjourned a hearing to liquidate Chinese property developer Kaisa Group to April 29 after a bond trustee, instructed by a major group of dollar bondholders, replaced the original petitioner.

The latest development came after Broad Peak Investment, which filed the windingup petition in July in relation to nonpayment of onshore bonds worth 170 million yuan 24 million, sought to withdraw from the case as it has sold the debt holdings earlier this year.

Shenzhenbased Kaisa has been working on a debt restructuring for two years after defaulting its 12 billion of offshore debt in late 2021.

Kaisa is China39;s secondlargest issuer of offshore debt among developers after China Evergrande Group and was the first Chinese property developer to default on its dollar bonds in 2015.

Many Chinese developers, including giant Country Garden, are facing windingup petitions filed after the sector plunged into a debt crisis in 2021, resulting in numerous firms defaulting on their debt obligations. Evergrande was ordered to liquidate by the Hong Kong High Court in January.

Kaisa said in a filing on Friday that Citicorp International, the substituting petitioner, would file a reamended petition against the company in relation to the nonpayment of the 2023 notes with an outstanding principal of 750 million.

A lawyer for the ad hoc bondholder group said after the hearing on Friday that Citicorp is the bond trustee and it acts on the instruction…