Chinese property developer Kaisa Group Holdings was little known outside the country before 2015. But in the last two months, the company has come to symbolize investors' worst fears about China's heavily indebted real estate industry.
After Kaisa missed a $23 million interest payment in early January, many people thought the company would go under. Kaisa's domestic creditors applied to local courts to freeze the developer's assets, banks froze its accounts, and investors initiated a sharp sell-off of its Hong Kong-listed shares.
