Property developer Kaisa halts Hong Kong trading

 Property developer Kaisa halts Hong Kong trading

Kaisa Group Holdings Ltd. logo displayed on a smartphone screen.

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Hong Kong listed shares of Chinese real estate developer Kaisa Group Holdings were halted on Friday, following news that it had missed a payment on a wealth management product earlier this week.

It comes as investors continue to watch for developments in China’s property sector following the fallout from heavily indebted Evergrande.

Kaisa said in an exchange filing on Friday that it will be suspending trading. Its other units — Kaisa Capital, Kaisa Health, Kaisa Prosper — also announced they will halt trading.

On Thursday, Kaisa said its finance unit missed a payment on a wealth management product, amid increased worries about its strained liquidity.

Kaisa shares fell nearly 13% this week before the trading suspension. The stock is down about 70% so far this year.

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