Sunac gives up on $586.8mn bid for troubled property developer Kaisa

Property developer Sunac China (1918.HKG) has given up on its bid for a 49% stake in the troubled Shenzhen-based developer Kaisa after months of negotiations, South China Morning Post reported, citing a statement from the former to the Hong Kong Stock Exchange. “After careful consideration of all the circumstances surrounding the share purchase, the board and the sellers decided not to proceed with the share purchase,” Sunac Chairman Sun Hongbin said in the statement. The company gave no reason for the withdrawal of its HK$4.55 billion (US$586.8 million) bid for Kaisa, the first Chinese property firm to default on its overseas bonds.