Kaisa sells Hong Kong property stake at steep discount and seeks debt exchange to avoid default

kaisa sells hong kong property stake at steep discount and seeks debt exchange to avoid default

Sumary of Kaisa sells Hong Kong property stake at steep discount and seeks debt exchange to avoid default:

  • Kaisa Group Holdings has agreed to sell its stake in a development at the old Kai Tak airport site at a steep discount and is asking bondholders to exchange another US$400 million of notes set to mature next month, as the heavily indebted Chinese developer tries to stave off default.
  • The Shenzhen-based developer’s shares jumped as much as 24 per cent in Hong Kong’s morning session on Thursday, following the announcements.

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