“You never know where the skeletons in the closet are or what company will be next," warns
one Chinese credit analyst and as the CNY30 billion indebted Chinese
developer Kaisa Group (that we initially discussed here) admits it can’t
say if it plans to meet a bond deadline today as a local news website
said lenders took steps to preserve assets. The builder of residential
communities and shopping centers
must pay about $26 million in interest on its 10.25 percent 2020 debentures today (which appears unlikely) and its
bonds have crashed to below 30c. The big question,
as Bloomberg notes, is
who's next?
(more)
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