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
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CDL, Hong Realty trump 3 other bidders with S$542.4 million offer at S$1,865 psf ppr for Peck Hay plot
Evergrande’s liquidation prompts some PwC partners to shield assets, contemplate divorce
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
