Coupon Deadline Looms; Kaisa Trading Halted: Evergrande Update
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A unit of China Evergrande Group faces a key deadline for a coupon payment Saturday, while smaller rival Kaisa Group Holdings Ltd.’s shares were halted in trading after missing payments on fund products as the fallout spreads to other real estate firms.
Kaisa’s dollar bonds rallied Friday after reports of plans to sell property assets valued at almost $13 billion to raise capital. Its shares and bonds had tumbled Thursday after the company said it has faced “unprecedented pressure on its liquidity” due to credit rating downgrades and a challenging property market.