Kaisa says courts preventing full sales of Shenzhen projects
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Hong Kong
KAISA Group Holdings Ltd, a Chinese developer linked to a graft probe, said that courts are preventing it from selling real estate in Shenzhen projects, even as authorities lifted a four-month restriction on some sales.
The city's land commission had released 124,355 square metres for sale as at April 7 at four Shenzhen developments, leaving 93,515 square metres blocked, Kaisa said in a statement on Thursday. However, the company also said that 111,833 square metres at the projects are frozen by local court orders. It wasn't clear how much of the real estate released by the local government remains blocked from sale by the courts.
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