Kaisa says courts preventing full sales of Shenzhen projects
Hong Kong
KAISA Group Holdings Ltd, a Chinese developer linked to a graft probe, said that courts are preventing it from selling real estate in Shenzhen projects, even as authorities lifted a four-month restriction on some sales.
The city's land commission had released 124,355 square metres for sale as at April 7 at four Shenzhen developments, leaving 93,515 square metres blocked, Kaisa said in a statement on Thursday. However, the company also said that 111,833 square metres at the projects are frozen by local court orders. It wasn't clear how much of the real estate released by the local government remains blocked from sale by the courts.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year
Blackstone strikes US$1.6 billion student housing deal with KKR
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co