Kaisa Group Holdings Ltd.<br />佳兆業控股集團有限公司[[Category:Articles containing Chinese-language text]]
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| Private | |
| Traded as | SEHK: 1638 |
| ISIN | 🆔 |
| Industry | Real estate |
| Founded 📆 | 1999 |
| Founder 👔 | |
| Headquarters 🏙️ | , , China |
Area served 🗺️ | China |
Key people | Kwok Ying Shing (Chairman) |
| Total assets | CN¥310 billion (2020) |
| Members | |
Number of employees | >17,000[1] (2020), 9,944[2] (31 December 2016) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
The Kaisa Group Holdings Limited (佳兆業集團) or the Kaisa Group is a property developer in China founded in Hong Kong in 1999. Kaisa Group primarily develops real estate projects in large and medium-sized cities in China. It operates in over 50 Chinese cities. It is known for its urban renewal business.
Among developers, Kaisa is China's second largest holder of offshore debt after Evergrande Group.[3]
Operating status[edit]
Credit rating[edit]
On October 28, 2021, the international credit rating agency Standard & Poor's downgraded Kaisa's long-term issuer credit rating from "B" to "CCC+" for junk debt, with a negative outlook. Standard & Poor's pointed out that in the next 12 months, Kaisa will have US$3.2 billion in foreign notes maturing, and believes that Kaisa is at a high risk of not being able to complete the refinancing. S&P also downgraded Kaisa’s management and corporate governance assessments from acceptable to weak.[4][5] On 9 November 2021, Fitch Ratings cut Kaisa Group's credit rating to CCC-.[6]
Failure to repay debt[edit]
At the end of October 2021, a wealth management product issued by the Kaisa Group's "Jinheng Wealth" and guaranteed by the Kaisa Group could not be redeemed as scheduled. Buyers of this product poured into its Shenzhen headquarters on November 4 to seek a payment plan, involving nearly a thousand investors. Before the opening of Hong Kong stocks on November 5, Kaisa Group announced on the exchange to suspend trading in the morning, and its subsidiaries Kaisa Capital, Kaisa Good and Kaisa Health were suspended at the same time, but the announcement did not explain the reason for the suspension.[7][8]
See also[edit]
References[edit]
- ↑ "About Kaisa". Retrieved 6 November 2021.
- ↑ "截至二零一六年十二月三十一日止年度的年度業績公告" (PDF). Archived from the original (PDF) on 2017-03-27. Retrieved 2017-03-26.
- ↑ Clare Jim (8 December 2021). "China Evergrande shares hit new low amid debt crisis; Kaisa misses pay date". Reuters.
- ↑ Richard Frost (27 October 2021). "Another Chinese Developer Is Sinking as Junk Bonds Sell Off". bloomberg.com.
- ↑ 佳兆業跌18%創新低 遭標普降評至「CCC+」、憂無力為250億境外債再融資，2021/10/28，香港經濟日報
- ↑ Alice Huang (9 November 2021). "China Developer Kaisa Cut Deeper Into Junk as Deadlines Loom".
- ↑ 佳兆業停牌市場關注 中國恆大後又一房企還不出債，2021/11/5，中央社
- ↑ 佳兆業理財產品兌付逾期、買家湧總部郭英成：有能力償還、深圳監管傳周五約見佳兆業花樣，2021/11/4，香港經濟
External links[edit]
- Business data for Kaisa Group Holdings: Google Finance
- Yahoo! Finance
- Bloomberg
- Reuters
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