China’s property magnates face a choice between giving up control or risking insolvency as the industry’s liquidity crisis deepens. It’s a marked contrast to previous crunches, when founder-chairs mostly came up with ways to cling to their controlling stakes.
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.