Struggling developer Kaisa Group Holdings said it had defaulted on offshore bond interest payments, The Wall Street Journal reported, citing a statement published on the Hong Kong Stock Exchange’s official website. The Shenzhen-based developer said it had made neither a scheduled payment of US$16.1 million on US$250 million of 2017 notes (due March 18) nor a payment of US$35 million on two 2018 notes (due March 19), even after a 30-day grace period. Kaisa is currently seeking concessions from its offshore and onshore creditors to expedite a bailout by rival Sunac China Holdings (1918.HKG).
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