Kaisa currently has the most offshore debt of any Chinese developer after China Evergrande Group (HK:3333). It missed coupon payments totaling over $59 million due on Nov. 11 and 12, which have a 30-day grace period. The company has been scrambling to raise capital to pay off some of this debt. It has divested some of its assets, including Hong Kong-listed property management unit Kaisa Prosperity Holdings Ltd.