Kaisa was downgraded on Thursday as the Chinese developer faces a crucial payment deadline, providing a new flash point for global investor concerns that have been heightened by a sharp sell-off in property groups’ offshore debt.
S&P lowered its rating of the company, which has $88m in coupon payments due by Friday, to triple C minus, saying it “may not be able to service its debt in time” and pointing to a potential debt restructuring.
Kaisa’s deadline is the latest strain on the Chinese property sector reeling from a liquidity crisis, following a severe sell-off in developers this week that pushed borrowing costs on the country’s riskier offshore bonds to their highest level since the financial crisis.
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