After Kaisa was unable to make payments due on a wealth-management fund it sold to retail investors, it requested a trading halt in four linked companies..EGRNF
Kaisa Group Holdings Ltd (佳兆業集團) and its Hong Kong-listed units were yesterday morning suspended from trading, a day after the Chinese developer flagged liquidity pressure and said it missed payments on wealth products it guaranteed.
The developer’s property management arm, Kaisa Prosperity Holdings Ltd (佳兆業物業集團); health operation, Kaisa Health Group Holdings Ltd (佳兆業健康集團); and construction equipment provider, Kaisa Capital Investment Holdings Ltd 佳兆業資本投資集團), were also halted. No reason was given for the suspension.
Kaisa’s shares and bonds tumbled on Thursday after the company said it has faced “unprecedented pressure on its liquidity” due to unfavorable factors such as credit rating downgrades and
Kaisa Group Holdings Ltd is seeking buyers for its Hong Kong-listed property management unit and two residential sites in the city, people with knowledge of the matter said, as it scrambles to meet a wall of debt repayments.
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