Sunac China Holdings has announced it will buy 49.3% of troubled developer Kaisa Group Holdings just three days prior to the end of a grace period for the latter to repay $23 million of interest on a bond, Bloomberg reported, citing a statement from Sunac’s chairman, Sun Hongbin. Sunac, which is among the top five developers in Shanghai and its hometown of Tianjin, is buying the stake from Kaisa Chairman Kwok Ying Shing’s family trust. The acquisition would be an opportunity for the company to expand into southern China, Sun said.
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