Kaisa Group Holdings (1683.HKG) has defaulted on a US$52 million loan from HSBC Holdings PLC (0005.HKG, HSBC.NYSE, HSBA.LON), The Wall Street Journal reported, citing a statement to the Hong Kong Stock Exchange. Analysts said Kaisa has sufficient cash to make the HSBC repayment but will likely need to renegotiate terms with the lender. Kaisa warned in the statement that more of its debt could be affected by the default. The circumstances around the resignation of former chairman Kwok Ying Shing late last month remain unclear. Shares in Kaisa plunged in December after Shenzhen authorities blocked it from selling units in three residential projects for unknown reasons.