Chinese real estate firm Kaisa Group at risk of default

08 Nov 2021 CW Team

After China’s real estate major Evergrande Group faced a debt repayment deadline, another realty firm Kaisa Group is at risk of default, increasing fears of further issues in the country's embattled property sector.

On Friday, shares of Kaisa Group, a Shenzhen-based company, were halted from trading in Hong Kong. The firm's subsidiaries, which also were stopped from trading, indicated a pending declaration about the group in stock exchange filings.

The firm told the media regarding its liquidity issues and confessed to missing a payment associated with its wealth management products. Kaisa said that it was facing many headwinds, like a challenging real estate market environment and the recent lowering of its credit ratings by international agencies.

The news comes as investors continue to worry over the crisis at Evergrande, China's most indebted firm. The firm has made international headlines since September, after warning that it could default on its enormous debts of over $300 billion.

Another real estate company Modern Land too is struggling to pay its debts. In recent weeks, a slew of developers has revealed their cash flow problems, asking lenders for more time to repay them or warning of potential defaults. Kaisa encountered a delay last week as Fitch and S&P Global Ratings both downgraded the firm, indicating debt concerns.

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Also read: China braces for Evergrande Group downfall: Wall Street Journal report

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