Chinese property developer Kaisa has been handed some respite after it emerged lender HSBC waived a breach on its loan, averting a potential cross default on its offshore bonds.
Kaisa's $51 million HSBC loan was supposed to have been in default due to the resignation of its erstwhile chairman Kwok Ying Shing, which breached one of the covenants with HSBC.
Although this is no longer an issue, the troubled property developer is a long way from digging itself out of its financial hole.
In an exchange filing on Monday night, the company confirmed that it failed to make an interest payment of $23...
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