Struggling Chinese property developer Kaisa defaults on dollar bonds amid slowdown
A struggling Chinese property developer says it has defaulted on dollar-denominated debt, exposing international creditors to potential losses as it grapples with a slumping property market amid a slowdown in the world's second biggest economy.
Kaisa Group Holdings Ltd. said in a filing late Monday that it failed to pay $51.6 million in interest payments on its bonds due in 2017 and 2018.
The company said in its statement to the Hong Kong stock exchange that it failed to make the payments within a 30-day grace period.
It's the latest development for the troubled company, whose fortunes have tracked the rise and fall of China's housing market.
In recent months it also faced a clampdown on its operations by authorities in the southern city of Shenzhen, where it is based.