SHENZHEN-BASED property developer Kaisa Group Holdings Ltd. said yesterday two senior executives had left the company, triggering a tumble in its debt prices while trading in its shares was halted yesterday, as worries mount about blocked sales of properties.

    The company did not elaborate on the circumstances behind the departure of its vice chairman and its chief financial officer, saying only that they would devote more time to personal career development.

    Its chairman also resigned this month and an executive director was redesignated as non-executive.

    Bond investors are concerned that the latest departures could damage market confidence in the company, since the two executives, vice chairman Tam Lai-ling and chief financial officer Cheung Hung-kwong, were instrumental in arranging Kaisa’s offshore debt issues, a debt analyst said.

    The company’s bonds sold off sharply on refinancing concerns with prices falling by as much as 13 points, according to Tradeweb data. Its bonds due in 2018 now yield over 25 percent, compared with just over 8 percent at the start of the month.

    Kaisa’s Hong Kong-listed shares were also halted from trading before the market opening yesterday, pending a statement. The stock has lost nearly half its value this month.

    The developer said earlier this month that authorities in Shenzhen had blocked the sale of unsold units in some of its property projects, which would have an adverse impact on its cash flow.

    The company must urgently try to resolve the block on the Shenzhen sales within the next six months or it could face heavy liquidity pressures, the debt analyst added. (SD-Agencies)