Trading of Chinese property developer Kaisa shares halted in Hong Kong

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Kaisa Group Holdings City Plaza development under construction in Shanghai, China, on Nov. 16, 2021

Qilai Shen | Bloomberg | Getty Images

Trading in shares of Chinese real estate developer Kaisa was halted Wednesday for the second time in two months, as troubles in China’s property sector resurfaced this week.

The developer had been snowed under by debt issues, as it struggled to make repayments recently.  It looked unlikely that it met its $400 million offshore debt deadline on Tuesday, according to Reuters.

Kaisa halted trading in early November for nearly three weeks, following news that it had missed a payment on a wealth management product.

There was no immediate reason given for the latest trading halt. Kaisa had said in late November that it would restructure offshore debt payments due in December by offering investors new bonds worth $380 million that are now due in 2023. The original U.S. dollar-denominated bonds were worth $400 million.

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