Skyline of Shenzhen, South China's Guangdong Province Photo: IC

Kaisa Group Holdings, a Chinese property developer based in Shenzhen, South China's Guangdong Province, said on Monday that the company is taking actions to address a missed payment on a wealth management product (WMP). 

The company issued a statement on its official Wechat account on Monday, stating that it is currently implementing measures to obtain funds with the purpose of redeeming the WMP. Measures include accelerating the disposal of high-quality assets in Shenzhen and Shanghai and increasing sales volumes for their current projects, while assessing mortgageable assets to guarantee for the payment.

Kaisa stressed that the company's overall asset value is greater than the liabilities, and there are enough quality assets available for disposal to provide investors with subsequent redemption of wealth products.

The Development Research Center of the State Council, China's cabinet, held a symposium on the real estate market in Shenzhen on Monday, representatives of real estate enterprises including Vanke, Kaisa and Excellence group, the Shenzhen Real Estate Association and financial institutions participated in the symposium and discussed topics about the overall situation of the real estate market, the current risks faced, and representatives' views on the real estate tax, the paper.cn reported on Tuesday.

Kaisa and three of its subsidiaries suspended trading on Friday, following media reports claiming that Kaisa missed a payment worth of 300 million yuan ($46.77 million) for the WMP issued by Kin Hang Holdings. 

Global Times