An offshore bondholders’ group of cash-strapped Kaisa is offering up to $2 billion to acquire stalled housing projects of the Shenzhen-based developer to facilitate their completion, two people with direct knowledge of the matter said, reports Reuters.
The takeover talks are in early stages, according to the people, who declined to be named as they were not authorized to speak to the media on this subject.
If successful, it would be the first foreign investor takeover of Chinese developers’ distressed residential assets in the latest wave of crises to hit the property sector over the past year. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects.
