BEIJING: In less than two years, Chinese property developer Kaisa Group Holdings Ltd has gone from being an up-and-coming player in Hong Kong’s property market to a desperate seller.
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