Salem Radio Network News Sunday, December 5, 2021

Business

Shares of Kaisa Prosperity slide as trading in Kaisa units resumes

HONG KONG (Reuters) – Shares in Kaisa Prosperity, a property services unit of embattled Chinese developer Kaisa Group, tumbled 10% on Tuesday as trading resumed for the first time since Nov. 5.

Trading in Kaisa Group and its three units was suspended pending “inside information” from the company. Since then, investor concerns about Kaisa Group’s liquidity have only intensified and trade in the parent company remains suspended.

Kaisa Prosperity and two other units said in separate filings late on Monday their business operations are normal, adding that they haven’t not received any financial assistance from the parent company so any liquidity issues faced by their parent company would not have any material adverse impact on their operations.

Kaisa Health, which focuses on dental prosthetics and healthcare, rose 30% as trading resumed while Kaisa Capital was trading flat.

Kaisa Group has the most offshore debt of any Chinese developer after China Evergrande Group, and it separately pleaded for help from creditors and said it will not pay interim dividends last week.

(Reporting by Anne Marie Roantree and Clare Jim; Editing by Kim Coghill and Edwina Gibbs)

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