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Kaisa Suspends Trading Amid Uncertainty Over Debt Repayment

Bloomberg business news
WATCH: Chinese developer Kaisa suspended trading amid growing concern over its ability to service its debts. Stephen Engle reports.Source: Bloomberg
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Kaisa Group Holdings Ltd. has suspended stock trading in Hong Kong amid growing concern over the Chinese developer’s ability to service its debts as distress in the nation’s property sector spreads. 

The company faced repayment on a $400 million dollar bond that came due Tuesday after it failed last week to win approval for a debt swap that would have extended its repayment deadline. A group of Kaisa noteholders sent the company a formal forbearance proposal on Monday, people familiar with the matter said, but the outcome was uncertain.