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Kaisa Group Offloads Airport Site For $1bn: Mingtiandi

The sale comes less than 18 months after developer acquired plot from indebted Goldin Financial Holdings for HK$7 billion.

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Kaisa Group
A view of land development in Hong Kong's Kai Tak neighbourhood, which is the location of city's former airport. Photo: Reuters.

 

Cash-strapped Kaisa Group is the latest mainland developer to offload assets in a scramble to repay debts, as the Shenzhen builder has now agreed to sell its half stake in a once-prized residential site on Hong Kong’s former Kai Tak airport runway, Mingtiandi reported.

Kaisa is selling the 104,496 square foot site for HK$7.9 billion (about $1 billion) to a joint venture between New World Development and Far East Consortium less than 18 months after acquiring the plot from another indebted developer, Goldin Financial Holdings, for HK$7.04 billion.

Read the full report: Mingtiandi

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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