Indebted Chinese developer Kaisa has broken its near week-long silence to confirm that it has missed a coupon payment on its US dollar bonds and has had several of its bank accounts frozen.
Kaisa posted a statement late on Monday night on the Hong Kong Stock Exchange website confirming it had not paid a $23m coupon due to offshore bondholders last week, and said that it was in the process of appointing new financial advisers.
The Shenzhen-based company added that it had received a waiver from HSBC regarding a $52m loan it had failed to repay on December 31, and that it had terminated a deal reached the same day to sell property assets in Shanghai to its bigger rival China Vanke.
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