Kaisa, Central China Real Estate bonds tumble as property woes rumble on

LONDON : Chinese property firms Kaisa Group and Central China Real Estate led another round of heavy falls in the corporate debt markets on Thursday as the Evergrande-led rout in the sector rumbled on.

Kaisa, which became the first Chinese property developer to default back in 2015, saw one of its bonds due for repayment in April next year slump as much as 8.2 cents. Central China Real Estate's August 2024 maturing bond dropped 6 cents to leave it at half its face value, while a July 2024 bond from Greenland Holdings, which has permission to build what could be Europe's tallest residential tower in London, also fell below 50 cents in the dollar.

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