Chinese property developer Kaisa faces mounting financial pressure after two partner companies said they would terminate joint projects and demanded the repayment of Rmb1.2bn ($196m) in related fees.
Hong Kong-listed Kaisa, which has $2.5bn of outstanding offshore debt, has drawn the attention of bond investors over the past month following the departure of three board members and a government-ordered sales ban at three housing projects.
The company then failed to repay a loan due to HSBC on December 31, which had been triggered by the resignation of its chairman. Kaisa’s bonds have tumbled, with its notes due in 2018 now trading at 35 cents on the dollar, according to Bloomberg.
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