Foreign businesses operating in China are all too familiar with cautionary tales — whether they involve regulatory zeal, corruption or simple fraud.
Yet the recent implosion of a midsized property developer has presented investors with a new set of worries, after a political purge brought a seemingly healthy company to the brink of collapse.
Kaisa, which has a Hong Kong listing and billions of dollars in overseas debt, was until December seen as a relatively successful developer, with rising sales and a healthy cash cushion.
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