HONG KONG (Reuters, Bloomberg) - Shares of Kaisa Group dropped sank as much as 11 per cent in Hong Kong, set for the biggest decline since Dec. 23, said on Tuesday that assets frozen by courts to protect its creditors have risen to more than US$2 billion (S$2.7 billion).

The company said it is preparing a restructuring proposal for offshore creditors for early March in a statement that said assets ordered to be frozen by courts under 21 civil rulings increased to 12.8 billion yuan (US$2.05 billion) as of Feb 16.

A total of 63 applications requesting preservation of Kaisa's assets have been filed by onshore creditors so far.

Kaisa shares were 9.4 per cent lower at HK$1.55 as of 9.56 a.m. The stock resumed trading after a halt on Monday.

The developer disclosed on Monday that its debts now exceed US$10 billion, of which it may have to repay more than half this year, and said it was in discussions with its creditors to try to restructure its borrowings urgently. It described a meeting with onshore lenders on Monday as positive.

Kaisa said its financial advisor Houlihan Lokey is in the process of identifying its offshore bondholders and has been in contact with a number of them.

Kaisa's international bonds were mixed. Its US$500 million of notes due 2020 rose 0.1 cent to 56.1 cents as of 9.35 a.m. in Hong Kong. The builder's US$800 million of securities due 2018 fell 0.9 cent to 55.1 cents.