Hong Kong listed shares of Chinese real estate developer Kaisa Group Holdings were halted on Friday, following news that it had missed a payment on a wealth management product earlier this week.
It comes as investors continue to watch for developments in China’s property sector following the fallout from heavily indebted Evergrande.
Kaisa said in an exchange filing on Friday that it will be suspending trading. Its other units — Kaisa Capital, Kaisa Health, Kaisa Prosper — also announced they will halt trading.
On Thursday, Kaisa said its finance unit missed a payment on a wealth management product, amid increased worries about its strained liquidity.
Kaisa shares fell nearly 13% this week before the trading suspension. The stock is down about 70% so far this year.
Investors have been closely monitoring interest payments on the Evergrande’s bonds — the company initially missed making two payments, but managed to meet them within the 30-day grace period. All eyes are now on other interest payments due in November and December.
A few other Chinese real estate firms had also been under the spotlight for going into default, or missing payments on their debt.