Debtwire’s 1Q26 APAC Restructuring Advisory Mandates Report shows the pace of debt-restructuring/insolvency advisor appointments in APAC (ex-Japan/South Korea) slowed in 1Q26, largely due to a significant QoQ drop in new mandates outside mainland China. For the quarter ended March 2026, a total of 24 new mandates were awarded to restructuring and insolvency professionals in the region, including 19 from mainland China, two from Hong Kong, two from Australia and one from Singapore. As a comparison, there were 31 mandates in 4Q25, including 18 from mainland China and 13 ex-mainland China mandates.

In 1Q26, the 24 mandates were related to USD 30.57bn debt across 13 situations.Chinese Real Estate

In 1Q26, the Chinese property sector accounted for half of all new mandates (12) and 97.7% of total debt advised on in the region (USD 29.87bn). These mandates stemmed from seven situations, all of which began before the start of the quarter, including China Fortune Land Development (CFLD), whose USD 20bn debt stack accounted for 65.5% of the total.

• CFLD: The interim administrator team of the Langfang-based developer hasn’t announced any update since the 13 April deadline for interested parties to register as potential investors for CFLD’s onshore pre-restructuring process.

Other than CFLD, three other situations involved more than USD 1bn debt:

• Fantasia Holdings: The Shenzhen-based developer’s parallel schemes of arrangement were sanctioned by the Cayman court and the Hong Kong court on 12 March. Under the scheme terms, Fantasia – which defaulted offshore for the first time in October 2021 – proposed to restructure USD 4.66bn-equivalent debt into a combination of new straight notes, new MCBs and new shares in the company.
• Jingrui Holdings: The Hong Kong High Court ordered the Shanghai-based developer into liquidation and appointed a liquidator over the company in January 2026, bringing the total number of developers being ordered wound-up to 11 since this distress cycle started in July 2021. Jingrui defaulted offshore for the first time in March 2022 and appointed its first restructuring advisors in July 2022.
• Road King Infrastructure: The Hong Kong-based, China-focused developer struggled with creditor support as a majority of an ad hoc offshore bondholder group has expressed their opposition to its restructuring proposal, Debtwire reported. Road King defaulted for the first time in July 2025.

In 1Q26, the only new situation from mainland China came from the transportation sector—eHi Car Services. The car rental provider completed an exchange offer on 14 April, swapping USD 168.966m of its USD 266m notes due September 2026 for new 10% amortizing notes due October 2029.

Top advisors

PwC and Deloitte were tied as the top financial advisors in 1Q26 with two mandates each.

PwC was appointed as the receiver over a Hong Kong office tower backing a HKD 5.5bn loan provided to Chinese property developer LVGEM (China) Real Estate Investment. It also conducted a liquidation analysis for the bondholders of another property developer Road King Infrastructure, as Debtwire reported.

Deloitte was engaged as receivers over assets of two Hong Kong companies, Top Galaxy Investment Holding and Bison Capital Financial Holdings.

In 1Q26, Alvarez & Marsal was the financial advisor with the most mandated debt despite having just one mandate. It was appointed as Fantasia’s financial advisor in its parallel schemes of arrangement process.

Ten legal advisors won one mandate each in 1Q26. Among them, Dentons was the top legal counsel in terms of mandated debt. The global law firm was part of the CFLD’s interim administrator team for an onshore pre-restructuring process to restructure around USD 20bn-equivalent debt.

Debtwire’s Restructuring Database covers APAC (ex-Japan) restructuring/liquidation situations involving debtors with debt in excess of USD 100m and starts tracking these situations when 1) the debtor engages a restructuring advisor, and/or 2) a restructuring/liquidation process is officially launched. If you would like to submit mandates, please email [email protected].