Chinese property developer Kaisa listed on the Hong Kong Exchange in December 2009. In October 2014, the company issued an announcement refuting various articles that the chairman was uncontactable. In December, the company disclosed that authorities in Shenzhen prevented apartments in some of its projects from being sold or transferred without revealing the reason for the freeze. Thereafter followed a flurry of senior management resignations, including the chairman, which prompted a default in January 2015. In February, Kaisa disclosed that its debt levels were double what had been previously reported. The company's auditor resigned but the forensic investigation never really appeared to get to the bottom of what had happened. Despite this, the company's shares resumed trading in 2017. Naturally, it was one of the first to default in the 2021 property downturn. Kaisa is a confirmed fraud.

Last updated August 2022.

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