International investors in Kaisa are in talks to buy up to $1bn of the Chinese property developer’s distressed loans from mainland banks, in a push to gain information about its opaque restructuring process as the sector reels from the collapse of Evergrande.
Kaisa is one of the biggest companies at the heart of a liquidity crisis that has engulfed China’s highly leveraged real estate sector, fuelling a series of defaults on international bond markets and raising fears over the country’s wider economy.
The developer, which is the sector’s second-biggest offshore bond issuer behind Evergrande, failed to repay a $400m bond that matured last week. The two companies were declared in official default by rating agency Fitch last Thursday.
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