Chinese Developer Kaisa Officially Defaults, Restructures Debt
by Tyler Durden
ZeroHedge.com
04/20/2015
In January when we first brought news of one of China’s largest developer’s inability to cover interest payments on its debt, we raised the question of who’s next. Now that it is official – China’s first major developer to default on its US currency debt – and property prices are falling at a record rate, we suspect the likes of Wanda and Agile will also start to collapse once again (after being bid up incredibly amid China’s latest exuberant bubble). Kaisa’s debt problems underscore the slump in China’s property sector, which has been hit by the slowing economy and a series of cooling measures instituted by Beijing to avoid a bubble in what had been an overheated housing market.
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