Chinese property developer Kaisa has reached an agreement with creditors for partial repayment of its debt, the company said Tuesday, a positive development as it battles to avoid liquidation.
Real estate once served as a vital growth engine for the world’s second-largest economy, undergoing two decades of dazzling expansion as living standards rose across the country.
But the sector has faced unprecedented headwinds in recent years, with major firms failing to follow through on projects and a clampdown on property market speculation by Beijing.
Many industry juggernauts are now either on the verge of bankruptcy or in dire financial straits.
Shenzhen-based Kaisa, which has nearly 17,000 employees, in 2015 became the first…
