Struggling China property developer Kaisa says CEO resigns

[HONG KONG] Embattled Chinese property developer Kaisa Group, which sold some of its Shanghai assets at the weekend, said on Monday its chief executive officer has resigned.

The company said in a stock exchange notice that Jin Zhigang had quit "to devote more time to his personal career development" and would continue as executive director. It added that there had been no disagreement with the board.

Kaisa has been struggling after a string of senior executives left unexpectedly, authorities blocked sales at some of its projects in Shenzhen late last year and it missed a coupon payment on one of its bonds.

On Sunday, Sunac China Holdings Ltd agreed to buy two of Kaisa's units and also acquired majority stakes in two others in a US$385 million (S$520.5 million) deal.

Trading in Kaisa's shares have been suspended since December.

REUTERS