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Trading halt for China developer Kaisa stokes fresh jitters in property sector
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Trading in shares of embattled Chinese developer Kaisa Group Holdings have been suspended on the Hong Kong stock exchange, prompting fresh nerves about the financial stability of the country’s massive property sector.
The suspension on Wednesday comes after Kaisa was reportedly unlikely to meet a dollar bond repayment of $400m (£301m) by the deadline of Tuesday night in the US, Reuters said, citing a source with direct knowledge of the matter.
The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.
Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to
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