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Exclusive-China’s Kaisa plans to sell property management unit, Hong Kong sites

by Mike Robinson

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© Reuters.

Clare Jim and Kane Wu

HONG KONG (Reuters), Kaisa Group Holdings Ltd. is looking to sell its Hong Kong-listed property management unit as well as two properties within the city. This comes amid a scramble for debt repayments.

Two sources confirmed that Kaisa intends to sell 67.18% of Kaisa Prosperity Holdings Ltd’s entire stake. This company has a market capitalization of approximately HK$2.4 Billion ($310 M).

One source stated that no clear buyer has emerged.

According to another source, the developer from Shenzhen is also selling two Hong Kong residential projects it bought last year.

Kaisa purchased the Tuen Mun land for HK$3.5billion. It also stated in its September interim report that it holds a half-interest in a Kai Tak property worth HK$7billion.

Kaisa declined to comment on Kaisa’s plans for divesting its share in the property management business unit. Kaisa also didn’t immediately reply to queries about residential sales.

Because the company’s plans for divestment were not made public, sources requested to be identified.

Kaisa will have the largest offshore debt in China over the next year, second only to China Evergrande Group. China Evergrande Group has more than $300B in assets and is in the middle of a crippling liquidity crisis.

($1 = 7.7770 Hong Kong dollars)

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