Caixin
Dec 02, 2021 03:27 PM
BUSINESS

Kaisa Abandons Hong Kong Developments in Race to Avoid Default

Kwok Ying Shing, chairman and co-founder of Kaisa Group Holdings, pauses during a news conference in Hong Kong on March 26, 2019. Photo: Bloomberg
Kwok Ying Shing, chairman and co-founder of Kaisa Group Holdings, pauses during a news conference in Hong Kong on March 26, 2019. Photo: Bloomberg

(Bloomberg) — In less than two years, Chinese property developer Kaisa Group Holdings Ltd. has gone from being an up-and-coming player in Hong Kong’s property market to a desperate seller.

As it strives to raise money to alleviate a liquidity crunch during China’s property deleveraging campaign, Kaisa has been reversing its expansion in the city with a series of asset sales in the past month.

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