Caixin
Dec 07, 2021 04:01 AM
FINANCE

Indebted Developer Kaisa Sells HK Office for Debt Repayment

The financial woes of Kaisa came under the spotlight after the company abruptly canceled meetings with investors in October
The financial woes of Kaisa came under the spotlight after the company abruptly canceled meetings with investors in October

Kaisa Group Holdings Ltd. (01638.HK) is offloading more assets to alleviate a liquidity crunch as the Chinese developer struggles with deepening debt woes and an imminent default risk.

Hong Kong-listed Kaisa sold the 38th floor of The Center, one of Hong Kong's tallest skyscrapers in the city’s central business district, for HK$750 million ($96.2 million) to China Shandong Hi-Speed Financial Group to settle part of an outstanding loan, Shandong Hi-Speed said in a filing over the weekend.

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