Beijing | The Chinese real estate developer Kaisa, whose financial situation worries the markets, announced Friday to suspend its listing on the Hong Kong Stock Exchange, after a repayment not honored.
The poor health of the group is only one of the symptoms of a real estate sector in China globally seized by the setbacks of the giant Evergrande, strangled by an abyssal debt of 260 billion euros.
Faced with the risk of bankruptcy of several developers, buyers are wary and the price of new homes fell in September – a first in China for six years.
In a brief statement, Kaisa said it was suspending its listing on the Hong Kong Stock Exchange with immediate effect. The Shenzhen (south) group gave no explanation.
Kaisa, much smaller in size than Evergrande, was unable to honor a refund guarantee on wealth management products this week, according to several media.
Kaisa shares lost more than 15% Thursday in Hong Kong.
Last month, Kaisa sparked concerns in the markets over his financial position, after a meeting with investors was canceled.
And in the process, the rating agencies Fitch and S&P had lowered its financial strength rating, being dubious about Kaisa’s ability to meet upcoming deadlines.
In particular, the group must pay $ 400 million due on loan interest in December.
Kaisa, China’s 27th largest developer by revenue, is one of the industry’s largest dollar borrowers, according to financial news agency Bloomberg. He issued some $ 11 billion in bonds.
Kaisa, which has 17,000 employees, was in 2015 the first Chinese real estate group to be the subject of a default on dollar bonds.