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Sandy Li

Embattled mainland China developer Kaisa Group Holdings said on Thursday its public float fell to 20.81 per cent, below the minimum regulatory requirement of 25 per cent.
Trading in Kaisa shares has been suspended since March 31, 2015.
The Shenzhen-based developer said in a stock exchange filing that the family of chairman Kwok Ying-shing holds a 49.25 per cent stake in the company, while 29.94 per cent is owned by the Sino Life group.
Kaisa’s outstanding shares stood at 1.06 billion.
 
Kwok, who resigned about three months ago, returned as chairman last week.
Houlihan Lokey (China), the financial advisor in the restructuring of the group’s debt obligations, said they will take into account the current shortfall of the public float.
It would assist Kaisa in reviewing and assessing various options and in formulating a plan to implement an appropriate debt restructuring, according to the company statement.
Kaisa, which is reportedly under an anti-graft investigation, is struggling to restructure US$7.6 billion of debt. It failed to pay US$52 million in interest due on March 18 and 19 on offshore notes, but was given a one-month grace period.
