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Lenders to troubled Chinese developer Kaisa are pushing to freeze the company’s assets, raising the stakes in a case that has spooked Asian credit markets.
中国房地产开发商佳兆业(Kaisa)的债权人正在申请冻结该公司资产，从而让这一令亚洲信贷市场人心惶惶的事件进一步升级。
More than a dozen Chinese financial institutions have filed pre-litigation asset preservation cases - or requests to have assets frozen - against Kaisa to a Shenzhen court, according to documents posted on the court website. The first three applications, by local branches of Citic Bank, Bank of China and China Resources were first reported by Caixin, a mainland business journal.
发布在深圳一家法院网站上的文件显示，十几家中国金融机构已针对佳兆业向该法院申请诉前财产保全，要求查封其资产。据中国内地商业杂志财新网(Caixin)率先发出的报道，最先提出这一申请的三家债权人是中信银行(Citic Bank)、中国银行(BoC)及华润集团(China Resources)在当地的分公司。
Kaisa, which has already defaulted on one offshore loan, appears to have missed a payment on a US dollar bond, and faces calls from joint venture partners to return cash from two cancelled projects.
此前，佳兆业已经有一笔离岸贷款出现违约，而且该公司似乎已错过了一笔美元债券的偿付时间。此外，该公司还面临着合资企业合作伙伴的还款要求，此前这笔资金被投资于两个已被取消的项目。
Lin Yikang, a press officer for Kaisa, said on Monday that he was unaware of the Shenzhen court filings, adding that only senior management know the current state of affairs at the company.
佳兆业新闻官Lin Yikang周一表示，他对该深圳法院的文件并不知情，并补充说公司的现状只有高级别管理人员才能知道。
The Hong Kong-listed developer, which has $2.5bn of offshore debt, was due to make an interest payment of $26m on its US dollar bonds on Thursday night. However, Mr Lin said he was unable to confirm whether the payment had been made, while telephone calls to the investor relations department went unanswered.
这家在香港上市的房地产开发商离岸债务的规模达25亿美元。该公司本应在上周四晚上支付2600万美元的美元债券利息。然而，Lin表示他无法确认这笔资金是否已经支付，而该公司投资者关系部的电话却无法拨通。
Bondholders were pricing in a missed payment, with the debt in question — a $500m issue maturing in 2020 — dropping to around 29 cents on the dollar ahead of the coupon payment date.
在付息日之前，债券持有者们已经在按照无法及时付息为佳兆业债券定价，2020年到期的5亿美元有问题债券的价格已经跌至其票面价值的29%。
Even so, private banking clients have been snapping up the bonds as the price has fallen, said two bond traders, with some punting on a “white knight” rescue package.
尽管如此，两位债券交易员表示，由于部分人把赌注押在了“白武士”营救方案上，私人银行客户一直在抢购该公司债券。
An analysis from Barclays suggested bondholders could expect to get back around 28 cents on the dollar if Kaisa were forced into liquidation.
巴克莱银行(Barclays)开展的分析暗示，如果佳兆业被迫清盘，其债券的价格预计会重返票面价值的28%。
Shares in the company have been suspended since December 29, having fallen nearly 50 per cent during the month.
自12月29日以来，佳兆业股票始终处于停牌状态。在那之前，该公司股票已在该月下跌了近50%。
On January 1, the Shenzhen-based developer said it had failed to pay back a $52m loan to HSBC, a requirement triggered by the resignation of Kaisa’s chairman last month.
1月1日，这家总部驻深圳的地产开发商曾表示，该公司未能向汇丰银行(HSBC)偿还一笔规模为5200万美元的贷款。汇丰银行是在上个月佳兆业董事长辞职时，要求偿还这笔贷款的。
Rating agencies responded by downgrading the company. Standard & Poor’s now gives Kaisa a credit rating of “SD”, meaning “selective default”, and has warned that it is likely to default on other forms of offshore debt.
评级机构对此的回应则是降低该公司的评级。目前，标准普尔(Standard & Poor)对佳兆业给出了“选择性违约”的信用评级，并警告说该公司很可能在其他形式的离岸债券上违约。
Offshore bondholders of Chinese companies are typically last in line for repayment in the event of default.
在出现违约时，中国企业的离岸债券持有者通常是最后一个偿付对象。
Kaisa is just one of a host of Chinese developers to tap offshore markets for funding in the past two years. Its most recent bond sale was in May last year, when it raised $400m while paying a coupon of 9 per cent.
在过去两年里，佳兆业只是利用离岸市场获取资金的众多中国地产开发商之一。该公司最近一次发行债券是在去年5月份，当时该公司以票面价值9%的价格筹集了4亿美元的资金。
Yields on bonds issued by Chinese developers without state backing have spiked in recent days, driving up average borrowing costs on Asian high-yield debt.
最近几天，缺乏政府支持的中国地产开发商所发行债券的收益率曾急剧攀升，推高了亚洲高收益债券的平均借贷成本。
Problems at Kaisa arose at the start of December when the Shenzhen government imposed a sales ban at a number of new housing projects in the city, a move the company has said it cannot explain.
佳兆业的问题始于12月初。当时，深圳市政府对该市几个新的住房项目推出了禁售令。佳兆业曾表示无法解释深圳市政府的这一举措。
Three board members including the chairman resigned last month, and two partner companies have demanded the repayment of $196m in fees related to joint venture projects.
上个月，包括佳兆业董事长在内的三名董事会成员辞职。目前，两家合伙企业已要求佳兆业返还涉及其合资项目的1.96亿美元费用。
Kaisa’s last public notice to the Hong Kong stock exchange was on January 7, in which it denied reports that its board had decided to wind up the group.
佳兆业上次向香港证券交易所发布公开通知是在1月7日。当时，该公司否认了其董事会已决定破产重组的报道。
