Property developer Kaisa appears to default on offshore bonds

Real-estate developer Kaisa Group Holdings (1638.HKG) appears to have missed interest payments due on US$500 million in offshore bonds, The Wall Street Journal reported, citing managers at several funds that hold the bonds. Although the company has a 30-day grace period to pay after the due date, analysts said missing the deadline would put Kaisa in technical default, which would make it the first Chinese property company to have missed payments due on debt held by foreign investors. On Thursday evening, a Kaisa representative said he didn’t know whether the company had paid.