Hong Kong Tycoon Loses $174 Million in Property Bond Fire Sale
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The Hong Kong real estate firm run by the family of billionaire Joseph Lau liquidated its position in Kaisa Group Holdings Ltd. bonds at a loss, contributing to a selloff that has stoked worries about credit-market contagion in the Chinese property sector.
Lau’s Chinese Estates Holdings Ltd. sold the last of its Kaisa bonds this week for about $27 million and will record an aggregate loss of $174 million on its position this year, according to a Hong Kong exchange filing.