Kaisa abandons HK developments to avoid default

As Kaisa strives to raise money to alleviate a liquidity crunch during China’s property deleveraging campaign, Kaisa has been reversing its expansion in Hong Kong with a series of asset sales in the past month.

BEIJING: In less than two years, Chinese property developer Kaisa Group Holdings Ltd has gone from being an up-and-coming player in Hong Kong’s property market to a desperate seller.

As it strives to raise money to alleviate a liquidity crunch during China’s property deleveraging campaign, Kaisa has been reversing its expansion in the city with a series of asset sales in the past month.