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Trading in shares of Chinese developer Kaisa group and units suspended -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Kaisa Group construction site is seen in downtown Shanghai on February 17, 2015. REUTERS/Carlos Barria

HONG KONG (Reuters – Friday’s suspension of trading in shares of Kaisa Group Holdings Ltd., and three other units, was a result of a statement by the Chinese developer Kaisa Group Holdings Ltd. on Friday. The announcement came a day after Kaisa Group Holdings Ltd. said that a subsidiary had failed to pay a balance management product payment.

Kaisa’s difficulties are due to concerns about an increasing liquidity crisis within the Chinese property industry. There have been a series of credit rating downgrades, offshore defaults, and sales in developers’ bonds and shares in recent weeks.

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