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…