Chinese Property Developer Kaisa Proposes $400 Million Debt Swap

Kaisa Group Holdings Ltd., which in 2015 became one of the first Chinese developers to default abroad, warned it risked reneging on its international debts again unless creditors agreed to a $400 million bond swap.

The Shenzhen-based company is one of the sector’s biggest offshore borrowers after China Evergrande Group , with about $10.9 billion of dollar bonds outstanding as of end-June.