Deals
Kaisa Group Defaults on $52 Million Loan After Chairman Resigns
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Kaisa Group Holdings Ltd. failed to pay a HK$400 million ($51.6 million) loan, raising questions about the Chinese developer’s ability to pay other debts.
Automatic repayment of the August 2013 term loan facility from HSBC Holdings Plc was triggered by the Dec. 31 resignation of Kaisa’s chairman, Kwok Ying Shing, the company said today in a Hong Kong stock exchange filing. The company is assessing whether its failure to pay the outstanding debt plus interest may trigger cross-defaults and have a material adverse impact on the company, it said.