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Chinese property firm Kaisa slumps after rival dumps bonds -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

LONDON (Reuters] – A local competitor dumped almost $30 million of Kaisa Group’s bonds on Thursday, causing Kaisa Group’s bonds to plummet.

Kaisa, a Chinese developer who defaulted in 2015 was the first to do so. The turmoil caused by China Evergrande has forced it back into the firing line.

This firm’s most immediate international bond fell by 10 cents to 60 cents per dollar, 40% less than its face value.

The price of other bonds that are due to mature in the middle next year fell below $35, while the cost for its longest-term bonds dropped below $30.

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