Reuters

Chinese developer Kaisa unit misses payment, debt worries mount

SHENZHEN, China/HONG KONG (Reuters) -Chinese property developer Kaisa Group Holdings Ltd said on Thursday its finance unit had missed a payment on a wealth management product (WMP), adding to worries about a cash crunch at the debt-strapped company. Kaisa’s troubles come amid concerns about a deepening liquidity crisis in the Chinese property sector, with a string of offshore debt defaults, credit rating downgrades, and sell offs in the developers’ shares and bonds in recent weeks. The Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades.