- Shares of Chinese developer
Kaisa were suspended as of Friday, a Hong Kong stock-exchange filing shows. - Kaisa had said it is facing unprecedented liquidity pressure.
Trading in shares of Chinese developer Kaisa Group Holdings Ltd and three of its units was suspended on Friday, a day after the company said a subsidiary had missed a payment on a wealth management product.
Kaisa's troubles come amid concerns about a deepening liquidity crisis in the Chinese property sector, with a string of offshore
A Hong Kong stock exchange filing showed Kaisa's shares were suspended as of Friday. The exchange did not elaborate.
The Hong Kong-listed shares of Kaisa, which has a market value of about $1 billion, plunged more than 15% on Thursday to an all-time low.
The Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement on Thursday it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades.
Kaisa has the most offshore debt coming due over the next year of any Chinese developer after embattled China