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Kaisa woes: junk-rated China developers face crisis

Published Thu, Jan 29, 2015 · 09:50 PM
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Hong Kong

CHINESE property developers rated below investment grade could face financing difficulties if Kaisa Group were to default on its debt obligation, Standard & Poor's Ratings Services (S&P) said on Thursday.

Kaisa, downgraded to SD or selective default, missed a deadline to make a US$26 million interest payment on its bonds due to mature in 2020. It has until Feb 9 to pay that coupon or else become the first Chinese real estate firm to default on its offshore debt.

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