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Sunac halts HK share trading
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SUNAC China Holdings Limited suspended the trading of its shares in Hong Kong yesterday pending the release of an announcement containing inside information, amid market speculation about its stake purchase in troubled property developer Kaisa Group.
Hong Kong-listed Sunac, whose earlier plan to buy 24 percent of Greentown China was halted, has agreed to acquire a 49.3-percent stake in Kaisa Group from the Kwok family, the founder of the group, financial news magazine Caixin reported yesterday, citing an unidentified source close to senior executives of Sunac.
After the acquisition, which is still pending, Kaisa will become a subsidiary of Sunac and the company’s name might be changed, China Business News said in a separate report.
Shenzhen-headquartered Kaisa has been in deep trouble since November 2014 when sales of more than 210,000 square meters in total gross floor area at four of its residential projects in Shenzhen were frozen by the local real estate watchdog.
Kaisa’s eight other projects in the city also failed to receive licences or approvals from the government, thereby effectively halting its normal business operations. The company has also been deeply involved in a massive debt crisis after its business expanded rapidly across the country over the past three years, according to earlier media reports.
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