Chinese property developer Kaisa Group Holdings Ltd. failed to persuade bondholders to agree to a $400 million debt swap and warned it might not be able to repay creditors when the bonds it was trying to exchange mature next week.

Shenzhen-based Kaisa is one of the Chinese property sector’s biggest offshore borrowers, after China Evergrande Group , with about $10.9 billion of dollar bonds outstanding as of the end of June. In 2015, it became one of the first Chinese developers to default abroad.

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