Chinese property developer Kaisa Group Holdings has failed to repay a HK$400 million loan that became due on December 31 as a result of its chairman, Kwok Ying Shing, resigning.
The debt in question was a term loan facility provided by HSBC Holdings and taken out in August 2013.
The company said in a filing to the Hong Kong stock exchange that it was examining whether the failure to pay the loan could trigger cross-defaults and adversely affect the company. Its shares remain suspended.
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