It said trust financing and other borrowings also contributed. ASSETS FROZEN "Interest-bearing debts came in larger than what we expected, and the significant increase wasn't well explained by the company," said Franco Leung, a senior analyst at Moody's, which rates Kaisa's debt Ca, just one step from the lowest grade typically signaling default. Kaisa's troubles started unfolding on Oct 17 when it denied speculation that Chairman Kwok Ying Shing was missing amid a corruption crackdown in Shenzhen. The founder resigned on Dec 31 citing health reasons and agreed to sell his family's controlling stake to Sunac in January. Financial constraints tightened as Shenzhen authorities blocked sales of some developments amid the corruption probe and local creditors obtained court orders to freeze Kaisa's assets. After examining the books, Sunac Chairman Sun Hongbin said in March overseas creditors don't understand how serious the situation is.