China property crisis: Kaisa aims to resume shares trading in March after publishing delayed audit

Name: China housing: Can the world’s biggest housing market boom again?
Uploaded: 2023-01-31T05:45:22.000Z
Duration: 11 min 5 s
Description: China housing: Can the world’s biggest housing market boom again?

The developer said its Hong Kong-listed shares could resume trading after almost a year of suspension prompted by its failure to publish 2021 accounts

Kaisa has said it is working on a restructuring plan for its US$12 billion of offshore debt with its financial adviser and creditors

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Embattled Kaisa Group Holdings said its Hong Kong-listed shares could resume trading in March. Photo: Reuters

Elise Makin Beijing

Published: 1:45pm, 31 Jan 2023

Embattled Kaisa Group Holdings said its Hong Kong-listed shares could resume trading in March after almost a year of suspension prompted by the company’s failure to publish its 2021 accounts on time.

The cash-strapped Chinese property developer said in a statement on Monday that it is now finalising the audit of the results for 2021 as well as those for the first half of 2022. The auditor has also started reviewing the results for the whole of 2022.

“The company will strive to fulfil all the conditions and resume trading in its shares in March 2023,” Kaisa Group said in the statement.

Its stock price has been frozen at HK$0.84 since April last year, having lost two thirds of its market value.

Trading in shares of the troubled developer had already been halted twice in late 2021 after it missed a payment on a 12.8 billion yuan (US$1.89 billion) wealth management product in November and a loan repayment of US$400 million in December.

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China housing: Can the world’s biggest housing market boom again?

Kaisa has said it is working on a restructuring plan for its US$12 billion of offshore debt with its financial adviser and creditors, who include holders of the US dollar denominated senior notes that it issued.