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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