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Kaisa says total debt now over US$10b, looking to restructure

The construction site of Kaisa Plaza in Beijing. The company has warned that it will experience a substantial decline in its net profit for 2014 and that its cash flow could be hit by an ongoing government block on sales at some of its developments in Shenzhen.

Hong Kong

TROUBLED Chinese developer Kaisa Group disclosed on Monday that its debts now total more than US$10 billion and that it needs to urgently restructure its borrowings in order for a proposed rescue deal by Sunac China Holdings to proceed.

Kaisa said in a stock exchange