The Chinese real estate developer Kaisa, whose financial situation worries the markets, announced the suspension of its listing on the hong kong stock exchange, in a sector that is reeling since giant Evergrande revealed its economic difficulties.
The 27th Chinese developer in business volume (but one of the most indebted real estate companies), indicated in a brief statement the suspension with immediate effect of its listing on the hong kong stock exchange, “pending the publication of an announcement with confidential information”.
But the Shenzhen group did not elaborate further.
The real estate in China is generally burdened by the difficulties of Evergrande, the jewel of the sector, which carries an immense debt of about 293,000 million dollars.
Faced with the risk of bankruptcy From several developers, buyers are wary and the price of new homes fell in September for the first time in China in six years.
Kaisa had proposed in November to his creditors a debt exchange for new repayable securities in a year and a half due to the inability to pay the nearly 400 million dollars of interest on his debt.
The offer needed 95% of the debt holders, but was rejected.
Kaisa, which has 17,000 employees, was in 2015 the first Chinese real estate group to enter into suspension of payments of its debt in dollars.
Wednesday’s announcement comes after Evergrande failed to pay $ 82.5 million to its creditors for the first time. That day, Tuesday, the additional one-month grace period to put your debt in order ended.
In addition, for months he has problems paying the interest on his debt and delivering his apartments.
Reference-www.eleconomista.com.mx