HONG KONG/SHANGHAI—Kaisa Group Holdings Ltd. and three of its units had their shares suspended from trading on Friday, a day after an affiliate missed a payment to onshore investors as China’s snowballing property debt crisis jolts other developers. Shenzhen-based homebuilder Kaisa, which has guaranteed the wealth management product, said in a statement on Thursday it was facing unprecedented liquidity pressure due to a challenging property market and rating downgrades. Kaisa and its unit Kaisa Prosperity said in separate exchange filings on Friday that trading in their shares was being suspended pending the release of “inside information.” The companies did not elaborate. Reuters reported last month, citing sources, that Kaisa was seeking buyers for its property management unit Kaisa Prosperity and two residential sites in Hong Kong, as it scrambles to meet a wall of debt repayments. Kaisa’s troubles come amid concerns about a broadening liquidity crisis in the Chinese property …
Kaisa, Units Trading Suspended as China Property Debt Crisis Routs Developers’ Shares
November 5, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrisisdebtEconomiesHK BusinessHong KongKaisaMarketspropertyShares
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