Kaisa Group’s shares hit new low after wind-up petition filed in Hong Kong
COMPANY NEWS REAL ESTATE STOCKS
Kaisa Group’s shares hit new low after wind-up petition filed in Hong Kong
COMPANY NEWS REAL ESTATE STOCKS

Kaisa Group’s shares hit new low after wind-up petition filed in Hong Kong

 

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Shares of embattled property developer Kaisa Group tumbled as much as nearly 17% in Hong Kong to hit a new record low of HK$0.173 at one point.

The selloff came after Kaisa said that a winding-up petition has been filed against the company in a Hong Kong court in relation to 170 million yuan ($23.50 million) non-payments on onshore bonds.

Kaisa said the petition was filed by Broad Peak Investment Pte Advisers Ltd at the Hong Kong High Court on July 6, and the issuer of the yuan bonds is its wholly-owned subsidiary, Kaisa Group (Shenzhen) Co Ltd.

The company said it would seek legal measures to oppose the petition vigorously, and it would continue to proactively communicate with its offshore creditors on the restructuring plan, with the objective of announcing terms to the market as soon as practicable.

Kaisa Group's shares hit new low in Hong Kong after wind-up petition filed against it