May 15, 2015 / 1:47 AM / 2 years ago

China developer Sunac to make announcement on Kaisa takeover deal

HONG KONG, May 15 (Reuters) - Chinese developer Sunac China Holdings Ltd asked for a trading halt on Friday pending an announcement related to its takeover deal of debt-laden peer Kaisa Group.

Sunac in February acquired a 49.25 percent stake in Kaisa for $587 million, but investors had said prospects of finalising the deal had dimmed since Kaisa's chairman returned last month and the troubled company was able to resume sales.

Kaisa's bondholders were also opposed to some terms of the takeover.

Sunac shares closed 0.8 percent lower at HK$10 ($1.29) on Thursday. ($1 = 7.7513 Hong Kong dollars) (Reporting by Clare Jim; Editing by Miral Fahmy)

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