Chinese developer Sunac has taken a 49.25 per cent stake in troubled rival Kaisa, raising hopes among investors that a white knight rescue bid may be imminent.
Sunac paid HK$1.80 per share for its Kaisa stake on January 30, according to a filing made on Thursday to the Hong Kong stock exchange where both companies are listed. This represented a 13 per cent premium to the most recent closing price for Kaisa’s shares, which have been suspended since December 29.
Its purchase — for a total cost of HK$4.55bn ($587m) — also exactly matched the number of shares previously held by Kwok Ying Shing, the founder and former chairman of Kaisa.
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