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China's Kaisa shares set to jump 60 pct on trading resumption after 2 yrs
March 27, 2017 / 1:25 AM / 7 months ago

China's Kaisa shares set to jump 60 pct on trading resumption after 2 yrs

HONG KONG, March 27 (Reuters) - Chinese property developer Kaisa Group shares were set to open 60 percent higher after resuming trading on Monday after a two-year suspension.

Kaisa, the first Chinese developer that defaulted on its offshore bond, reported on Sunday total aggregate borrowings stood at 87.5 billion yuan ($12.7 billion) at the end-2016, with about 7.8 billion yuan of the total repayable within a year.

The company’s shares have been suspended from trading in Hong Kong since March 31, 2015, and they were not allowed to resume trading before reporting updated financial statements, according to stock exchange rules. (Reporting by Clare Jim; Editing by Stephen Coates)

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