Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

Shares of Chinese real estate developer Kaisa pop 20% after debt restructuring plan

by
November 25, 2021
in Latest News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds

Twitter jumps after Musk ups commitment in takeover bid to $33.5 billion, in talks for other funding

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

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese real estate developer Kaisa announced Thursday plans for paying back investors, temporarily alleviating concerns about a default as China’s property sector continues to face pressure.

Kaisa’s Hong Kong-listed shares popped 20% in the market open, before paring some gains. It was the first day of trading after a nearly three-week halt. The developer had suspended trading after missing a payment on a wealth management product earlier this month.

“Repayment measures have been implemented” for about 1.1 billion yuan ($171.9 million) of the wealth management products, Kaisa said in a filing with the Hong Kong stock exchange. The developer said it’s in negotiations about repayment of the remaining 396.6 million yuan in wealth management products.

Separately, Kaisa said 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.

Among Chinese developers, Kaisa is the second-largest issuer of U.S. dollar-denominated offshore high-yield bonds, according to French investment bank Natixis. Evergrande, the world’s most indebted real estate developer, ranks first.

As of the first half of this year, Kaisa had crossed two of China’s three “red lines” for real estate developers that the government outlined, according to Natixis.

“Persistent tightening governmental policy, multiple credit events and deteriorating consumer sentiment have resulted in temporary shut-down of various refinancing venues for the sector and put enormous pressure on our short-term liquidity,” Kaisa said in a filing Thursday.

“Despite our efforts to reduce our interest-bearing debt in response to government regulations, the current sharp downturn in the financing environment has limited our funding sources to address the upcoming maturities,” the company said.

ShareTweetPin

Related Posts

SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds

by
May 25, 2022
0

Gary Gensler, chairman of the Securities and Exchange Commission, at the SEC headquarters in Washington, on July 22, 2021. Melissa...

Twitter jumps after Musk ups commitment in takeover bid to $33.5 billion, in talks for other funding

by
May 25, 2022
0

Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019. Bloomberg /Getty A...

Snowflake stock falls as executives forecast a narrower margin than expected

by
May 25, 2022
0

In this article SNOW CEO of Snowflake Frank Slootman arrives at the Allen & Company Sun Valley Conference on July...

Nvidia stock falls on light guidance

by
May 25, 2022
0

Nvidia CEO Jensen Huang speaks during a press conference at The MGM during CES 2018 in Las Vegas on January...

Don’t get sucker-punched by capital gains taxes when you sell your home

by
May 25, 2022
0

This article is reprinted by permission from NerdWallet. The investing information provided on this page is for educational purposes only. NerdWallet...

Next Post

State filings detail construction work at Tesla's $1.1B factory east of Austin

How one rate hike by a small African nation could derail Powell’s Fed inflation-fighting plans and sink stocks

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com