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.