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Shares of Chinese real estate developer Kaisa pop 20% after debt restructuring plan
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cnbc.comBEIJING — Chinese real estate developer Kaisa announced Thursday plans for paying back investors, temporarily alleviating concerns about a default as China's property sector continues to face pressure.
Kaisa's Hong Kong-listed shares popped 20% in the market open, before paring some gains. It was the first day of trading after a nearly three-week halt. The developer had suspended trading after missing a payment on a wealth management product earlier this month.
«Repayment measures have been implemented» for about 1.1 billion yuan ($171.9 million) of the wealth management products, Kaisa said in a filing with the Hong Kong stock exchange. The developer said it's in negotiations about repayment of the remaining 396.6 million yuan in wealth
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