China lifts sales blockage on most Kaisa apartments
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Hong Kong
CHINESE authorities have lifted a sales blockage on most apartments built by Kaisa Group Holdings Ltd, removing a key hurdle to the proposed sale of the troubled developer to larger peer Sunac China Holdings Ltd.
Shenzhen city blocked sales at around 10 developments in December for undisclosed reasons, leaving Kaisa struggling to repay US$2.5 billion in debt. Sunac set removal of the block, as well as restructuring of the debt, as conditions for a takeover.
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