Germany-listed Chinese shoemaker Ultrasonic AG said on Tuesday that negotiations with its lending banks have failed and that in consequence, the management board was forced to file for insolvency, Reuters reported. Frankfurt-listed Ultrasonic said in September its top executives and most of its cash reserves in China and Hong Kong had disappeared. Read more.

China property developer Kaisa Group Ltd will hold a conference call for its offshore bondholders next week to discuss a proposed restructuring plan, a notice on the company's website said, Reuters reported. The call, to be held on Monday morning at 1000 local time(0200 GMT), will provide an overview of the struggling homebuilder's current situation, the proposed acquisition of the company by Sunac China, and its restructuring plan.

A new Chinese policy plan that promotes a shift to an economy driven by consumers and entrepreneurial vigor also recognizes that the transition from state spending and smokestack industries is years away, The Wall Street Journal reported. The annual budget and policy program, unveiled by the government Thursday, acknowledged China’s entrance to an era of slower growth and outlined the need for new sources of job creation by nurturing innovative small businesses.

Troubled Chinese property developer Kaisa Group announced an onshore debt restructuring plan involving 48 billion yuan ($7.6 billion) in a move aimed at restoring the financial and operational stability of the company. The debt plan, which would not entail changes in the guarantees, securities or outstanding principal claims, involves a reduction in interest payments and tenor extensions, the Shenzhen-based developer said in a stock exchange notice. Further details about the key terms and implementation of the onshore restructuring plan would be announced later, it said.

Hours after China's central bank cut interest rates to battle slowing growth and rising deflationary risk, an official survey showed on Sunday that activity in China's factory sector contracted for a second straight month in February, the International New York Times reported. The official Purchasing Managers' Index (PMI) inched up to 49.9 in February from January's 49.8, a whisker below the 50-point level separating growth from contraction on a monthly basis, but nevertheless above more pessimistic analyst forecasts for a 49.7 reading.

African Minerals said on Friday its Chinese partner in its sole asset, the Tonkolili iron ore project in Sierra Leone, has taken on some of its multi-million dollar debt and is demanding repayment, Reuters reported. The loan is secured against certain assets of the borrower and by taking ownership of the debt, Shandong is in a position that could allow it to take control of the project. "The borrowers and guarantors do not have sufficient funds available to make the payment demanded," African Minerals said in a statement on Friday.

China’s superrich are nervously watching as the Chinese currency weakens against the dollar, The Wall Street Journal reported. Because of the extreme concentration of money at the apex of Chinese society, national stability rests to an extraordinary extent in the hands of just two million or so families. They are the top 1% of urban households, and already, their confidence in China’s future under President Xi Jinping is shaky.

Chinese provincial governments have unveiled ambitious investment plans in recent weeks in a bid to shore up flagging growth, even as the central government in Beijing pledges to reduce the country’s heavy reliance on fixed investment, the Financial Times reported. Economists have warned that excessive and wasteful investment is leading to diminishing financial returns in China as well as rising debt and environmental degradation.

Kaisa Group Holdings Ltd. is seeking to expedite a debt restructuring as the troubled developer said it faces as much as 35.5 billion yuan ($5.7 billion) of repayments to creditors this year, Bloomberg News reported. An initial meeting with onshore lenders has been scheduled for today, Kaisa, which is being acquired by Sunac China Holdings Ltd., said in a Hong Kong exchange filing on Monday. Kaisa said it’s aiming to reach an agreement with its offshore creditors by the end of March and expects to complete the restructuring the following month.

Offshore bond investors of Kaisa Group Holdings Ltd. are becoming increasingly concerned about the risk the troubled Chinese developer embroiled in an anti-graft investigation could miss coupon payments next month, Bloomberg News reported. Kaisa must pay $16.1 million of interest March 18 on its $250 million of bonds due 2017, and $35.5 million March 19 on its $800 million securities due 2018, Bloomberg-compiled data show. It avoided a default last Friday by making an interest payment of $23 million on its 2020 notes before the grace period deadline.