Property firm Kaisa suspends tradingCONFIDENCE CRISIS: It is the second time in the past month that the debt-ridden firm has suspended trading and comes on the heels of China Evergrande missing a paymentAFP, HONG KONGChinese property firm Kaisa Group Holdings Ltd (佳兆業集團) yesterday suspended share trading in Hong Kong as questions swirl over its ability to make repayments and contagion spreads within the nation’s debt-ridden real-estate sector. Kaisa, China’s 27th-largest real-estate firm in terms of sales, but one of its most indebted, became the latest company to spook investors when it announced on Friday that it had failed in a bid for a debt swap that would buy it crucial time. Photo: AFPIt is the second time the company has suspended trading in the past month. The most indebted Chinese property firm is China Evergrande Group (恆大集團), which set off the current confidence crisis earlier in the summer. Wealthy owners of at least seven Chinese real-estate companies have also sold off some of their own luxury assets in the past few weeks to help prop up their firms, Bloomberg added.

Source: Taipei Times December 09, 2021 00:56 UTC