Shares of struggling Chinese developer Kaisa jump as trade resumes
[HONG KONG] Shares of Chinese developer Kaisa Group surged as much as 32 per cent in resumed trade on Monday after Sunac China Holdings Ltd said it had acquired a HK$4.55 billion (US$586.9 million) stake in the embattled company.
Kaisa has been struggling after a string of senior executives left unexpectedly, authorities blocked sales at some of its projects in the southern Chinese city of Shenzhen late last year and it missed a coupon payment on one of its bonds.
Shares of the company rose to as high as HK$2.1 in early afternoon trade. The stock had halved in a one-month plunge before trading was suspended in December.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Apple to invest US$250 million into expanding Ang Mo Kio campus
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
High Court dismisses Chinese businessman’s claims against Huttons and agent in misrepresentation suit
Delfi Orchard up for collective sale at S$438 million guide price
US 30-year mortgage rate rises to a four-month high of 7.13%
US homebuilding retreats as housing recovery stalls