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China developer Sunac to make announcement on Kaisa takeover deal
[HONG KONG] Chinese developer Sunac China Holdings Ltd asked for a trading halt on Friday pending an announcement related to its takeover deal of debt-laden peer Kaisa Group.
Sunac in February acquired a 49.25 per cent stake in Kaisa for US$587 million, but investors had said prospects of finalising the deal had dimmed since Kaisa's chairman returned last month and the troubled company was able to resume sales.
Kaisa's bondholders were also opposed to some terms of the takeover.
Sunac shares closed 0.8 per cent lower at HK$10 (S$1.70) on Thursday.