The embattled property developer last week announced its offer to exchange its 6.5% offshore bonds due Dec. 7 for new notes due June 6, 2023 at the same interest rate if at least 95% of holders accepted. Kaisa in a filing did not disclose how many bondholders had consented to the offer, but said as the minimum acceptance had not been met, “the exchange offer and consent solicitation will not proceed and shall lapse automatically.” Kaisa, like many other Chinese developers facing a liquidity squeeze, has been scrambling to raise capital by divesting assets including Hong Kong-listed property management unit, Kaisa Prosperity Holdings Ltd.

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