A growing number of Chinese property developers this week said they will be unable to publish audited 2021 earnings statements on time, deepening market concerns over the sector’s financial troubles. Indebted Kaisa Group Holdings Ltd. became the latest developer to disclose that it will most likely miss the deadline for reporting audited financial results due…
More Chinese Property Developers Delay Earnings Reports, Deepening Market Concerns Over Sector’s Woes
March 24, 2022
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Business & EconomyBusinesses in COVID-19ChinaChina Business & EconomyChinese property developersearningsevergrandeKaisa
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Beijing Plans To Turn Its Debt-Ridden Property Giants Into State-Owned Entities, Expert Says
New Analysis After two major Chinese property developers—Evergrande and Kaisa—defaulted on their bond payments, the Chinese Communist Party (CCP) reiterated its bid to rein in its debt-ridden property market. However, experts believe that the CCP intends to turn private enterprises into state-owned entities that bolster state control. The real estate sector was one of the…
Alibaba, Tencent, and Nio Rivals Xpeng, Li Auto Fall in Hong Kong as Evergrande, Kaisa Default on Payments
Shares of Alibaba Group Holding Limited, Baidu Inc., Tencent Holdings Inc., Xpeng Inc., and Li Auto Inc. fell in Hong Kong on Friday, while JD.Com Inc. traded higher. What’s Moving Chinese e-commerce giant Alibaba’s shares traded 0.9 percent lower at HKD 122.30 ($15.68) in Hong Kong, while peer JD.Com’s shares have risen 0.8 percent to…
Chinese Developer Warns It Might Not Pay $400 Million Bond
BEIJING—A Chinese real estate developer warned Friday it might fail to pay off a $400 million bond due next week, adding to financial strains in an industry that is struggling to avoid defaults on billions of dollars of debt. Kaisa Group Holdings Ltd., headquartered in Hong Kong, said it tried to renegotiate the debt due…
China’s Kaisa Seeks to Extend Maturity on $400 Million Offshore Bond, Shares Surge
HONG KONG—China’s Kaisa Group Holdings Ltd. said on Thursday it wants to extend the maturity of a HK$3.118 billion ($400 million) bond by a year and a half—part of the property developer’s efforts to avoid a messy default and resolve a liquidity crisis. In a filing, Kaisa said it would exchange its 6.5 percent offshore…
Kaisa, Units Trading Suspended as China Property Debt Crisis Routs Developers’ Shares
November 5, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrisisdebtEconomiesHK BusinessHong KongKaisaMarketspropertyShares
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HONG KONG/SHANGHAI—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. Shenzhen-based homebuilder Kaisa, which has guaranteed the wealth management product, said in a statement on Thursday it…
China Developers Hit by Downgrades as Evergrande Deadline Looms
HONG KONG—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. Shares of Kaisa Group were hardest-hit, losing nearly a fifth of their value on Thursday after rating agency downgrades that…
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