Credit crunch expanding for Chinese property developers as Kaisa's trading is halted
Evergrande's liquidity problems and the pressure on rivals Kaisa Group and Fantasia to make debt repayments point to how refinancing in the property development sector will only become more difficult.
Hong Kong-listed Chinese real estate developer Kaisa Group (Kaisa) and three of its subsidiaries each suspended trading in their shares last Friday (November 5), adding to worries that Evergrande is not the only heavily indebted property developer on the mainland.
Kaisa announced the night before it halted trading that its finance unit had missed a payment on a wealth management product. Among Chinese developers, the group ranks second only to Evergrande for issuance of US dollar-…
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