Kaisa sells properties but no white knight

Troubled property developer Kaisa raises $369 million from the sale of prime property sites to Sunac China but investors hoping for a white knight dump its bonds.

Kaisa sells properties but no white knight

Troubled Kaisa has sold four prime property projects to Sunac China for Rmb2.3 billion $369 million, giving the company some cash to keep it afloat but dealing a blow to offshore bondholders hoping for a white knight.

Previously, media reports had said that Sunac would buy a 49.3% stake in the Hong Kong-listed Kaisa, fuelling hopes that it would rescue the troubled developer. 

The appearance of a white knight is...

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