Property News · November 4, 2021

Kaisa Group misses payment on wealth management product, pleads for more time to work out a solution


Shenzhen-based developer Kaisa Group Holdings has missed a payment on a wealth management product (WMP), the latest sign of cracks widening in mainland China’s property sector.Admitting that Kaisa was facing “unprecedented pressure on its liquidity” because of credit rating downgrades and unfavourable market conditions, chairman and chief executive Kwok Ying-shing promised investors that the company will not shirk its responsibilities.“Give us some time, Kaisa will be able to work out a…

Source : South China Morning Post
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