Sales of Kaisa apartments to resume in Sep

Source:Reuters-Global Times Published: 2015-8-27 21:58:03

Debt-laden developer Kaisa Group Holdings said Thursday that it will resume sales of a development in Huizhou, South China's Guangdong Province, in early September, the first in the Pearl River Delta region after authorities blocked its project sales in late 2014.

Shenzhen-based Kaisa, which in April became the first Chinese developer to default on offshore bond coupon payments, has resumed sales in cities outside the region since June, including in Nanjing, capital of East China's Jiangsu Province and Hangzhou, capital of East China's Zhejiang Province.

Sales at its home base, however, have not resumed as some apartments are still frozen by court orders, which were issued in response to lenders' requests.

The court orders remain in place despite Shenzhen authorities having removed sales bans that were imposed for undisclosed reasons.

A takeover offer for Kaisa by bigger peer Sunac China Holdings was scrapped in May, renewing investor uncertainty over Kaisa's ability to repay almost $11 billion in debt.

But Sunac Chairman Sun Hongbin told reporters on Tuesday he has met with Kaisa Chairman Kwok Ying-shing and talked about future project cooperation in Shenzhen.



Posted in: Economy

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