China's property sector woes could spell trouble for prestige mega-projects in London, New York, Sydney and other top cities as the developers behind them scramble for cash.
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.
Chinese developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets and rating agencies distributing more downgrades, ahead of a final debt payment deadline for China Evergrande Group on Friday.
Sweden's Skanska reported flat operating profit for the third-quarter but said construction market activity was gradually picking up as economies rebound from pandemic-induced slumps.
Debt-laden real estate developer China Evergrande Group has resumed construction on 40 projects in the Pearl River Delta region and expects to deliver 32 of them on time by the end of 2021, local media reported on Tuesday.