BEIJING: Chinese developer Kaisa Group suspended trading in its Hong Kong-listed shares Friday, raising concerns about a deepening crisis at the firm as it struggles with more than $10 billion in debt while the country's property sector comes under intense pressure.

The announcement came as a liquidity crunch at one of the nation's biggest property developers, China Evergrande, throws a spotlight on the real estate industry after a state crackdown that has rattled investors and fuelled fears of a wider economic fallout.

In a brief notice to the Hong Kong stock exchange, the group said the suspension was "pending the release by the company of an announcement containing inside information".

It follows missed payments on wealth management products guaranteed by Kaisa, as reports said the company admitted to "unprecedented pressure on its liquidity" while pledging to work out a repayment plan.

Last week, ratings agencies Fitch and S&P downgraded Kaisa, citing refinancing risks.

Fitch said the downgrade was because of Kaisa's "limited funding access and uncertainty over the refinancing of a significant amount of US-dollar bond maturities and coupon payment".

The developer also triggered concern after calling off meetings with investors in October, Bloomberg News reported, sending its dollar bonds lower.

Kaisa is only the country's 27th biggest property developer by sales but one of the largest dollar debt borrowers among developers, with more than $11 billion of bonds outstanding.

Troubles in China's property sector are weighing on authorities' resolve to forge ahead with reforms to rein in excessive debt.

Evergrande, which is bogged down in more than $300 billion worth of debt, plunged into crisis after Beijing began clamping down on the country's colossal property sector last year.

There have been suggestions that Beijing could be rolling back some of those rules though, with state media recently hinting that local banks had begun easing some credit controls on homebuyers and developers on orders from the central bank.

Eyes are now on a key Saturday deadline for Evergrande to pay an $82.5 million coupon on a bond. The firm missed the initial payment last month but was given a 30-day grace period.