HONG KONG: Kaisa Group Holdings Ltd shares leapt as much as 73% yesterday as trading resumed after a two-year suspension, as the first Chinese property developer to default on offshore bonds hinted at recovery with its first earnings report in 2½ years.
Kaisa’s stock has been on hold since being unable to report 2014 earnings after local authorities blocked the sale of some of its properties, rendering the developer incapable of repaying creditors. In its last report for the first half of that year, Kaisa was saddled with US$11bil worth of debt.
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