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Nov 4, 2021
, Bloomberg News
(Bloomberg) -- Kaisa Group Holdings Ltd. said a wealth management product guaranteed by the Chinese developer has missed a payment.
The company has faced “unprecedented pressure on its liquidity” due to a slew of unfavorable factors such as credit rating downgrades and a challenging property market environment, it said in a statement on Thursday. The developer, together with the issuer Kaisa Finance, will work out a repayment plan for the product soon, it added.
Read how China’s first defaulting developer is alarming bondholders
Concerns about the missed payment triggered dramatic declines in the firm’s dollar bonds Thursday. Its 6.5% dollar note maturing in December fell 13.8 cents on the dollar to 48.3 cents, Bloomberg-compiled prices indicate, suggesting growing doubt over the firm’s capacity to service its near-term debt.
The shares fell 14% in Hong Kong to the lowest price since its 2009 listing.
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