China's Kaisa at record low after co fails to get bondholders nod for extending maturity

Kaisa Prosperity Holdings

03/12/2021 02:01

** Shares of China's Kaisa Group Holdings Ltd  1638.HK  fall
as much as 5.9% to HK$0.96, their record low since debut in
December 2009 
    ** Stock is second-biggest percentage decliner in Hang Seng
Composite Index, which tracks properties and construction shares
 .HSCIPC  
    ** Kaisa Group said it had failed to secure the minimum 95%
approval needed from its offshore bondholders to extend the
maturity of a $400 mln note that is due next week, raising the
risk of a default  urn:newsml:reuters.com:*:nL1N2SN3C2
    ** Co said it is assessing and closely monitoring the
financial condition and cash position, and there was no
guarantee it would be able to meet the repayment obligations at
maturity on Dec 7
    ** Says its failure to repay or reach an agreement with
creditors would have "a material adverse effect" on the
company's financial condition
    ** Shares of its property management services unit Kaisa
Prosperity Holdings  2168.HK  climb 1% 
    ** Hang Seng Mainland Properties Index  .HSMPI  falls 1.1%
and Hang Seng Composite Index slides 0.6%
    ** Hang Seng Composite Index  .HSCI  and the benchmark Hang
Seng Index  .HSI  drop 1.3% each
    ** As of last close, Kaisa Group stock down 72.6% this year 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))