BEIJING — Chinese real estate developer KaisaPlans were announced for Thursday to pay back investors. This temporarily eases concerns over a default, as China’s property industry continues to be under pressure.

Kaisa’s Hong Kong-listed shares shot up 20% during the opening of the Hong Kong stock exchange, then saw some losses. This was the first trading day after almost three weeks of halt. After the three-week halt, the developer suspended trading. missing a payment on a wealth management productThis was earlier in the month.

Kaisa filed a Hong Kong stock exchange filing stating that repayment measures had been taken for the wealth management products worth 1.1 billion yuan (171.9 million). Developer said that it was in talks about the repayment of remaining wealth management products worth 396.6 millions yuan.

Kaisa also announced that it will restructure offshore debt payments due December and offer investors new bonds in the amount of $380 million. These bonds are due by 2023. 400 million were the original U.S.-dollar-denominated bonds.

Among Chinese developers, Kaisa is the second-largest issuer of U.S. dollar-denominated offshore high-yield bonds, according to French investment bank Natixis. EvergrandeFirst, a ranking of the most indebted real-estate developer worldwide is held by.

Natixis reports that Kaisa has crossed two of China’s “redlines” for real-estate developers as of the beginning of the year.

Kaisa stated in a Thursday filing that “persistent tightening of governmental policy, multiple credits events and deteriorating consumers sentiment have resulted a temporary shut-down at various sector refinancing venues and put immense pressure on our short term liquidity.”

The company stated that despite our attempts to lower our interest-bearing debt to comply with government regulations, we have been unable to access funding to cover the maturities due to the sharp decline in our financing environment.