When Kaisa Group Holdings, the Shenzhen- based property developer, defaulted on a US dollar bond offer a few months ago, it took the market by surprise. Because some property sales were frozen by the local government, investors concluded that Kaisa appeared to be a victim of the unfathomable but periodic political
當幾個月前深圳房地產開發商佳兆業(Kaisa)未能按期支付一筆美元債券的利息時,市場喫了一驚。由於深圳地方政府凍結了佳兆業的一些房源,投資者認爲,佳兆業似乎成了政治運動的犧牲品——這種政治運動令人難以捉摸但又定期出現,已經成爲中國內地商業環境的特色。違約很快被滿不在乎地視爲一次性事件。
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