Kaisa Group Holdings Ltd. (“Kaisa”) is a large-scale Chinese property developer listed on the Hong Kong Stock Exchange (“SEHK”).  The financial crisis of Kaisa began with the resignation of its chairman, which triggered the prepayment provision of a US$400 million loan to HSBC Holdings PLC.  Credit rating agencies Standard & Poor’s and Moody’s Investors Service downgraded Kaisa’s debt to ratings that reflected an expected default.  Kaisa also missed an interest payment on its US$500 million offshore bond. Several of its bank accounts had been frozen and put under investigation by several banks.  Various applications in relation to the preservation of group assets had also been filed by creditors, hurting its ability to sell off projects to raise funds and pay back lenders.  The Kaisa crisis triggered broader concerns for the PRC property market and its ability to continue accessing offshore funding markets.