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Kaisa Surges 85% as Trading Resumes After Two-Year Break

  • Developer resumes trading after releasing earnings results
  • Kaisa reported a net loss of 612 million yuan for 2016
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Kaisa Surges 85% After Two-Year Trading Break

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Kaisa Group Holdings Ltd., the first Chinese property developer to default on its overseas debt, surged by a record 85 percent in Hong Kong as its long-overdue results showed that the company’s loan burden has decreased.

Trading in Kaisa shares resumed after a two-year suspension as the developer released its results on Sunday, the final condition it needed before it could apply for its stock to trade again. The shares traded 70 percent higher at HK$2.65 at 11:02 a.m. in Hong Kong, after earlier reaching HK$2.92. Kaisa shares fell 53 percent in the months leading up to its suspension in March 2015.