Sunac to make full offer for troubled Kaisa

Tianjin-based Sunac China plans to make an offer for Kaisa’s shares but maintain the company’s Hong Kong listing.

Sunac China plans to make an offer for all of Kaisa, having already agreed to buy a 49.3% stake in the troubled group from former chairman Kwok Ying Shin and his family members.

The developer, which last week looked set to buy the stake for HK$4.55 billion $587 million, will make an offer for all of the shares at HK$1.80 per share, the companies said in a joint announcement on Friday.

Sunac’s move comes as Kaisa appeared to have made a coupon payment just ahead of a February 8 deadline, after missing the original payment date of January 8. This should further ease pressure on the group.

The...

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