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.

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 still possible and both Kaisa and Sunac's stock remain suspended. However, disappointed investors chose to dump the bonds. 

The key beneficiaries of the property sales are deemed to be...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222