A construction site by Chinese property developer Kaisa Group is seen at an area of downtown Shanghai, February 17, 2015. Reuters/Carlos Barria

Chinese property developer Kaisa Group shares were set to open 60% higher after resuming trading on Monday after a two-year suspension.

Kaisa, the first Chinese developer that defaulted on its offshore bond, reported on Sunday total aggregate borrowings stood at 87.5 billion yuan ($12.7 billion) at the end-2016, with about 7.8 billion yuan of the total repayable within a year.

The company’s shares have been suspended from trading in Hong Kong since March 31, 2015, and they were not allowed to resume trading before reporting updated financial statements, according to stock exchange rules.