HONG KONG :Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange.
Non-payment by Kaisa would push the 6.5per cent bond of Kaisa, China's largest holder of offshore debt among developers after Evergrande, into technical default, triggering cross defaults on its offshore bonds totalling nearly US$12 billion. Even in the case of a technical default, Kaisa and offshore bondholders could discuss forbearance terms, two sources with knowledge of the matter said.
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