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3 years ago
Shares of struggling Chinese developer Kaisa jump as trade resumes
February 9, 2015 / 5:11 AM / 3 years ago

Shares of struggling Chinese developer Kaisa jump as trade resumes

HONG KONG, Feb 9 (Reuters) - Shares of Chinese developer Kaisa Group surged as much as 32 percent in resumed trade on Monday after Sunac China Holdings Ltd said it had acquired a HK$4.55 billion ($586.9 million) stake in the embattled company.

Kaisa has been struggling after a string of senior executives left unexpectedly, authorities blocked sales at some of its projects in the southern Chinese city of Shenzhen late last year and it missed a coupon payment on one of its bonds.

Shares of the company rose to as high as HK$2.1 in early afternoon trade. The stock had halved in a one-month plunge before trading was suspended in December. ($1 = 7.7529 Hong Kong dollars) (Reporting By Anne Marie Roantree and Yimou Lee; Editing by Rachel Armstrong)

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