A Singapore-based hedge fund has filed a winding-up petition in Hong Kong against Kaisa Group Holdings Ltd., potentially complicating the Chinese builder’s debt-restructuring effort.

Broad Peak Investment Advisers took the court action regarding alleged nonpayment of 170 million yuan ($24 million) of onshore bonds, Kaisa said in an exchange filing Monday. Most winding-up petitions filed against mainland developers in Hong Kong have involved dollar-denominated debt.

The builder said it will “seek legal measures to resolutely oppose the petition” and that it plans to continue working with offshore creditors on a restructuring plan. Kaisa added it aims to announce terms “as soon as practicable.” Several firms have received Hong Kong court orders to liquidate amid a lack of progress on debt restructurings.

The company started missing dollar-bond payments in December 2021, before a record surge of delinquencies among Chinese builders as a liquidity crunch and sales slump walloped the sector. Kaisa has $8.1 billion of outstanding and defaulted dollar bonds, according to data compiled by Bloomberg.

A hearing for the winding-up petition has been scheduled for Sept. 13.