Kaisa's shares, which had been halted since Nov. 5, resumed trading and jumped 18% by midafternoon Thursday in Hong Kong. A Kaisa bond due 2024 was bid at 33 cents on the dollar, according to Tradeweb. A string of developers have defaulted on dollar debt in recent months, including China Properties Group Ltd., Fantasia Holdings Group Co., Modern Land (China) Co., and Sinic Holdings (Group) Co. Some others such as Yango Group Co. and Xinyuan Real Estate Co. have persuaded investors to exchange bonds for longer-dated debts. Rating firms often view such swaps as distressed debt exchanges, which they see as a form of default. Distressed exchanges typically help a company avoid a formal default while switching investors into less financially attractive securities. Kaisa's credit ratings have already been slashed to levels that indicate a high risk of default.