Lenders to troubled Chinese developer Kaisa are pushing to freeze the company’s assets, raising the stakes in a case that has spooked Asian credit markets.
More than a dozen Chinese financial institutions have filed pre-litigation asset preservation cases - or requests to have assets frozen - against Kaisa to a Shenzhen court, according to documents posted on the court website. The first three applications, by local branches of Citic Bank, Bank of China and China Resources were first reported by Caixin, a mainland business journal.
Kaisa, which has already defaulted on one offshore loan, appears to have missed a payment on a US dollar bond, and faces calls from joint venture partners to return cash from two cancelled projects.
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