Kaisa Bonds are ‘Extremely Cheap,’ Hedge Fund BFAM’s Fuchs Says

  • Bonds trading at spread 1,100 bps wider than comparables
  • Kaisa is poster child for things that scare foreign investors

Bonds of Kaisa Group Holdings Ltd., the first Chinese property developer to default on dollar-denominated debt, are "extremely cheap," said Benjamin Fuchs, founder of the $1.8 billion hedge fund firm BFAM Partners.

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