Hamartia Antidote
ELITE MEMBER
- Joined
- Nov 17, 2013
- Messages
- 35,188
- Reaction score
- 30
- Country
- Location
Trading in shares of Chinese developer Kaisa suspended -HKEX
Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange.
Trading in shares of embattled Chinese developer Kaisa Group Holdings (1638.HK) was suspended on Wednesday, according to the Hong Kong stock exchange.
The suspension comes after a source with direct knowledge of the matter said Kaisa was unlikely to meet its $400 million offshore debt deadline on Tuesday
Non-payment by Kaisa would push the 6.5% bond of Kaisa, China's largest holder of offshore debt among developers after Evergrande, into technical default, triggering cross defaults on its offshore bonds totalling nearly $12 billion.
To avoid default, bondholders owning over 50% of notes due on Dec. 7 and Kaisa notes worth a total of $5 billion sent the company draft terms of forbearance late on Monday, a separate source with direct knowledge of the matter said.
