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Kaisa Group Faces Mounting Dollar Debt after WMP Default: Yicai

MNI (Singapore)

China's Kaisa Group Holdings became the country's latest major real estate company mired in debt crisis after missing payments on a wealth management product it sold, reported. On Thursday, the company and about 500 investors failed to reach an agreement after hours of meeting in Shenzhen, said the news site. The WMP, issued by Kaisa Finance, a unit of the property group, is worth CNY12.7 billion, the newspaper said. Kaisa Group must still repay approximately USD3.2 billion in the next 12 months, USD400 million due on Dec. 7, the newspaper said citing data by S&P Global Ratings.

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