Chinese developers are facing an unprecedented liquidity squeeze due to regulatory curbs on borrowing, causing a string of offshore debt default, credit-rating downgrades and sell-offs in developers' shares and bonds. Kaisa has been scrambling to raise capital by divesting assets including Hong Kong-listed property management unit, Kaisa Prosperity Holdings Ltd. The developer, in a filing late on Wednesday, also said it aims to accelerate the disposal of real estate projects and other high-quality assets to improve liquidity.