Home Business If Kaisa fails to launch a payment plan at the end of the month, its assets will be confiscated | Kaisa | Real Estate Company | Guo Yingcheng | Downgrade of Credit Rating

If Kaisa fails to launch a payment plan at the end of the month, its assets will be confiscated | Kaisa | Real Estate Company | Guo Yingcheng | Downgrade of Credit Rating

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[Voice of Hope January 7, 2022](Reported by our reporter Liu Fangli)On January 7, news broke from the industry that the Shenzhen local government had issued a compulsory instruction to the real estate company Kaisa, requiring the company to make up for the loss of wealth management products, otherwise the assets will be confiscated. According to a Reuters report, Kaisa’s group chairman Guo Yingcheng has agreed to the Shenzhen government’s request and will propose a plan within this month to help make up for the arrears of its wealth management products. If Kaisa fails to meet the requirements, it may be detained at the end of the month. The Shenzhen government confiscated assets and gradually took over the company.

In December last year, both Kaisa and Evergrande were downgraded by a rating agency and are currently at the default level. Some industry sources pointed out that Kaisa is now actively communicating with overseas bond holders, hoping that foreign capital will provide new loans to redeem mature wealth management products.

The source also revealed that under the pressure of the Chinese Communist government, Guo Yingcheng even expressed concern about his personal safety.

Editor in charge: Zhang Xin

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