Shares of Kaisa Prosperity slide as buying and selling in Kaisa models resumes By Reuters
© Reuters. FILE PHOTO: A picture shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a hazy day in Beijing, China, November 5, 2021. REUTERS / Thomas Peter / File Photo
HONG KONG (Reuters) – Shares in Kaisa Prosperity, a real estate services unit of contested Chinese developer Kaisa Group, fell 10% on Tuesday as trading resumed for the first time since November 5.
Trading with the Kaisa Group and its three entities has been suspended due to “inside information” about the company. Since then, investor concerns about Kaisa Group’s liquidity have only grown and trading with the parent company has remained on hold.
Kaisa Prosperity and two other entities announced in separate filings late Monday that their business operations are normal, adding that they have not received any financial assistance from the parent company, so any liquidity issues their parent company is facing will not have a material negative impact would have on their operations.
Kaisa Health, which is focused on dental prosthetics and healthcare, rose 30% when trading resumed, while Kaisa Capital was flat.
Kaisa Group has the most offshore debt of any Chinese developer after China Evergrande Group and has separately asked for help from creditors, saying it will not pay interim dividends last week.
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