Caixin
Jan 22, 2022 06:15 AM
FINANCE

Kaisa Undergoes Audit on Order of Guangdong Government

Kaisa’s financial woes came into the spotlight after the company abruptly canceled meetings with investors in October
Kaisa’s financial woes came into the spotlight after the company abruptly canceled meetings with investors in October

PricewaterhouseCoopers audited the assets of Kaisa Group Holdings Ltd. (01638.HK) on the order of the government of southeast China’s Guangdong province to assess the troubled developer’s financial condition, Caixin learned.

Kaisa is one of a raft of liquidity-squeezed major property developers in China including China Evergrande Group whose tenuous condition is shaking global bond markets. Known as China’s first developer to default on dollar debt back in 2015, Kaisa was labeled a defaulter again after it failed to repay a $400 million dollar bond that matured Dec. 7.

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