HONG KONG (Reuters – Kaisa Group shares plunged over 14% Thursday, hitting an all-time low. This was due to poor October sales that raised concerns about a liquidity squeeze at the debt-strapped Chinese developer.

Kaisa reported that October’s contracted sales decreased by 30% to 8.195 Billion Yuan ($1.28 Billion) from one year ago. However, the company saw a 23% increase in sales during its first 10 month.

After China Evergrande Group and embattled China Evergrande Group the Shenzhen-based developer will have the largest offshore debt over the next year.

Kaisa was last week downgraded in rating agencies’ ratings. It has $3.2B in offshore senior notes, due over the next 12 month, and the next maturity of $400M falling on December 7.

Last week, Reuters reported that it was looking for investors to buy its Hong Kong-listed property management unit Kaisa Prosperity Holdings Ltd as well as two residential locations in the city.

China’s declining health in its property sector of $5 trillion, an important economic driver for growth, has put Beijing under pressure to carry out painful structural reforms, such as the reduction of high levels debt.