VenkatKaisa Group said it has made payment arrangements on wealth products issued by its group and associates, as the Chinese property developer struggles to meet debt obligations and improve its liquidity position. Repayment measures for principal amount of around 1.01 billion yuan (US$171.61 million) of the wealth products have been implemented, the developer said late Wednesday. Kaisa said it has a 30-day grace period to pay total interest of US$88.38 million on its U.S. dollar-denominated notes due this month. To improve its liquidity, Kaisa said that it will expedite the disposal of real-estate projects and high-quality assets. The developer said that 'certain members' of its group didn't meet repayment obligations that include bank loans and other borrowings.

Source: Wall Street Journal November 25, 2021 00:05 UTC