HONG KONG Thu Jan 22, 2015 2:05am EST
HONG KONG Jan 22 (Reuters) - Bonds of struggling Chinese property firm Kaisa Group rallied sharply on Thursday on hopes it could be rescued by a capital injection from rival companies, after it had missed payment deadlines on a bank loan and bond coupon.
Traders say there was speculation the Shenzhen government is holding talks with several property developers which could make a bid for Kaisa.
Bloomberg reported on Thursday that officials in Shenzhen were speaking to a number of developers about making an investment in Kaisa.
Kaisa and Shenzhen local government officials were not available for comment.
Kaisa offshore dollar bonds were trading in the 44/48 cents on the dollar range in thin trade at 0700 GMT, up from the morning's 36/39.
Trading in Kaisa shares is suspended.
Earlier this month Kaisa missed an interest payment on the 2020 bonds, and now has a 30-day grace period to pay up or else become the first Chinese property company to default on its foreign debt.
The company is struggling after a string of senior executives left unexpectedly and government officials blocked sales at some of its projects in the Southern Chinese city of Shenzhen.
The Shenzhen-based company has since received a waiver from banking group HSBC on a loan it failed to repay late last month. The HK$400 million ($51.59 million) loan and its interest became compulsory on Dec. 31, after its chairman resigned. ($1 = 7.7531 Hong Kong dollars) (Reporting by Umesh Desai; Additional reporting by Clare Jim; Editing by Rachel Armstrong)
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