Chinese property developer Kaisa has asked investors for “more time and patience” as it rushes to raise cash from asset sales amid signs that market turmoil is spreading to higher-rated businesses in the real estate sector.
In a statement late on Monday, Kaisa, which last week said payments had been missed on wealth management products it guarantees, apologised and said it was taking various measures to address its liquidity pressures, including sales of projects in Shenzhen and Shanghai.
Kaisa, which is a major borrower on international bond markets and faces about $3bn in bonds coming due in the next year, is the latest developer to find itself caught in a property sector liquidity crisis that has engulfed its peer Evergrande.
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