地产商深陷债务危机

At least three financial institutions with loans to Shenzhen-based developer Kaisa Group Holdings have asked a court in the southern city to seize the assets of the troubled firm in the hopes of minimizing their losses, according to court documents and sources close to the situation. The Shenzhen Intermediate People's Court said it had received 29 requests as of January 13 to freeze the assets of Kaisa's subsidiaries and their related companies, many of which are located outside Shenzhen. Documents published by the court on January 8 show that the local branch of China Citic Bank, the Bank of China’s Shenzhen branch and a trust investment subsidiary of China Resources were among the first to make filings with the court. Kaisa said on January 12 it had received only one court order about the freezing of a subsidiary's assets worth 651 million yuan. The firm’s financial woes began in late November 2014 when Shenzhen’s urban planner froze all of Kaisa’s development projects in the city by blocking sales and denying documents needed for further development. Soon after, on December 10, the company’s chairman Kwok Ying Shing resigned, triggering a default on a HK$4 million loan from HSBC Holdings. Two senior executives have also left the firm. No explanation was offered from the regulator or Kwok. However, a source with knowledge of the matter said Kwok admitted to illegal operations with government officials in the mainland. The source also suggested that the freezing of Kaisa’s assets could be a tactic for eliciting further information from Kwok, though it is unclear which authorities received this confession. Kaisa has denied any knowledge of such a confession and an employee said Kwok and his relatives, who have Hong Kong permanent residency, have been living there. The company also announced this month that its partners from two development projects in Shenzhen are demanding a refund totalling 1.2 billion yuan. With its credit rating now downgraded to Caa3 from B3 by Moody’s investors Service, the situation is only set to look worse for the property developer. For Caixin Online, this is Christina Guo. 深受债务困扰的佳兆业集团控股有限公司日前处境进一步恶化。从1月7日开始，包括银行在内的至少3家金融机构向深圳市中级人民法院申请诉前财产保全，查封佳兆业在深圳的部分资产。截至1月13日，搜索深圳市中级人民法院网站，可见29起针对佳兆业的诉前财产保全案件。案件被申请人，出现若干佳兆业在深圳之外的全资子公司或关联子公司。 瑞银债券承销部主管区俊杰表示，佳兆业目前的困境，在短期内会影响部分投资者对内地房地产企业债券的信心。但整体来讲，这仍是个特殊独立事件，不会影响整个亚洲债市的走势。