Chinese Developer Kaisa On Verge Of $5Bn Default; Who’s Next?
by Tyler Durden
ZeroHedge.com
01/08/2015
“You never know where the skeletons in the closet are or what company will be next,” warns one Chinese credit analyst and as the CNY30 billion indebted Chinese developer Kaisa Group (that we initially discussed here) admits it can’t say if it plans to meet a bond deadline today as a local news website said lenders took steps to preserve assets. The builder of residential communities and shopping centers must pay about $26 million in interest on its 10.25 percent 2020 debentures today (which appears unlikely) and its bonds have crashed to below 30c. The big question, as Bloomberg notes, is who’s next?
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