Real Estate

Chinese real estate developer Kaisa announces debt restructuring plan

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Kaisa Group Holdings Ltd.’s City Plaza development under construction in Shanghai, China, on Tuesday, Nov. 16, 2021.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese real estate developer Kaisa announced Thursday plans for paying back investors, temporarily alleviating concerns about a default as China’s property sector continues to face pressure.

Kaisa’s Hong Kong-listed shares popped 20% in the market open, before paring some gains. It was the first day of trading after a nearly three-week halt. The developer had suspended trading after missing a payment on a wealth management product earlier this month.

“Repayment measures have been implemented” for about 1.1 billion yuan ($171.9…



Source cnbc.com

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