Shares of struggling Chinese developer Kaisa jump as trade resumes
Add BT as a preferred source
[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
Share with us your feedback on BT's products and services
TRENDING NOW
From hawker stall to Enterprise Award winner: How Han Keen Juan scaled the Old Chang Kee empire
Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Ban on land sales, new launches for developers that deliver ‘defect-ridden’ projects
