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China's Kaisa to buy 19 pct Zhenxing Bio stake for $332 mln
November 29, 2017 / 1:15 AM / 13 days ago

China's Kaisa to buy 19 pct Zhenxing Bio stake for $332 mln

HONG KONG, Nov 29 (Reuters) - Kaisa Group Holdings Ltd said on Wednesday it planned to buy a 2.19 billion yuan ($332 million) stake in blood products producer Zhenxing Biopharmaceutical & Chemical Co Ltd as the Chinese developer diversifies and expands its footprint in the healthcare industry.

Kaisa said its unit, Shenzhen Shipping Health Technology Co Ltd, would buy the 18.57 percent stake from Zhenxing Group Co Ltd and it would be funded through internal resources.

The audited consolidated net asset value of Zhenxing Biopharmaceutical, which produces human serum albumin and human immunoglobulin, stood at 546.9 million yuan at the end of 2016. ($1 = 6.6044 Chinese yuan renminbi) (Reporting by Donny Kwok; editing by Richard Pullin)

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