Kaisa Group, the biggest international borrower in China’s real estate sector after Evergrande, has suspended trading of its shares a day after a $400m bond matured without any sign of payment to investors.
Kaisa said the shares were suspended on Wednesday “pending the release by the company of an announcement”, according to a filing with Hong Kong’s stock exchange.
The decision comes as troubles at the company and Evergrande have stoked concerns over the health of China’s vast property industry, which accounts for about a third of the country’s economic output. Kaisa and Evergrande, the world’s most indebted developer with total liabilities of more than $300bn, could default this week.
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