Kaisa Misses Wealth Product Payout on ‘Unprecedented’ Stress
- China’s first defaulting developer comes under pressure again
- Kaisa says investment products it guaranteed are overdue
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Chinese developer Kaisa Group Holdings Ltd. missed payments on wealth management products it guaranteed, the latest sign of stress in the nation’s beleaguered real estate industry.
The company has faced “unprecedented pressure on its liquidity” due to unfavorable factors such as credit rating downgrades and a challenging property market environment, Kaisa said in a statement on Thursday. The developer and the issuer Kaisa Finance will work out a repayment plan soon, it added.