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Kaisa on Brink, Restructuring Looms: Evergrande Update

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Kaisa Suspends Trading Amid Debt Repayment Uncertainty
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Creditors of Kaisa Group Holdings Ltd. have yet to receive payment on a $400 million dollar bond that was due to mature Tuesday, as the company’s shares were halted pending an announcement from the builder. 

The lack of payment puts Kaisa on the brink of becoming the second major Chinese developer to renege on debt obligations this week, as China Evergrande Group looks poised to begin a process of overhauling its balance sheet without a government bailout. S&P Global Ratings said Tuesday that an Evergrande default “looks inevitable.”