Cash-strapped Chinese property developer Kaisa Group on Thursday (Mar 9) published its long delayed results for fiscal 2021 and the first half of fiscal 2022, posting significant losses and big drops in revenue.
Kaisa is one of several of Chinese developers that have defaulted on their offshore debt in the past year amid a cash squeeze and slowing sales, with some now scrambling to enter into restructuring agreements with their creditors.
Trading in Hong Kong-listed Kaisa and several of its peers including the world’s most-indebted property developer China Evergrande Group were halted nearly a year ago due to a delay in declaring annual results.
Kaisa has sent an application to the stock exchange for resumption of trading from Mar 10.
In November last year, Reuters reported that Kaisa – the second-largest US dollar bond issuer among Chinese developers – delayed talks with offshore creditors on debt restructuring terms.
“The Group will remain (in) communication with creditors and publish its update on the restructuring progress in due course,” Kaisa said in a statement.
For the six months ended Jun 31, 2022, Kaisa reported an attributable loss of 7.67 billion yuan (US$1.10 billion), compared to a profit of 3 billion yuan recorded a year earlier. The company posted a loss of 12.73 billion yuan in 2021.