China's Kaisa shares leap 87% after two-year suspension
Hong Kong
KAISA Group Holdings Ltd shares leapt as much as 87 per cent on Monday as trading resumed after a two-year suspension, as the first Chinese property developer to default on offshore bonds hinted at recovery with its first earnings report in 21/2 years.
Kaisa's stock has been on hold since being unable to report 2014 earnings after local authorities blocked the sale of some of its properties, rendering the developer incapable of repaying creditors. In its last report for the first half of that year, Kaisa was saddled with US$11 billion worth of debt.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender