Kaisa bonds up on news it will resume sales of blocked units
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Hong Kong
KAISA Group Holdings' bonds jumped the most in two months after the Chinese developer said it aims to resume sales of four projects in Shenzhen that courts have blocked it from selling. Its US$800 million 8.875 per cent notes due 2018 rose 1.4 cents to 66.1 cents on the dollar as of 4:05 pm in Hong Kong, set for the biggest advance since Nov 9, according to data compiled by Bloomberg.
Courts have been preventing Kaisa from selling 320 units at the projects after creditors filed to preserve assets. The builder is "in active discussion with the creditors, with an aim to resume sales of these four property projects in Shenzhen as soon as possible", it said on Tuesday.
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