Sunac China Agrees to Pay 2.37 Billion Yuan for Kaisa Companies
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Sunac China Holdings Ltd. has agreed to buy four units of troubled property developer Kaisa Group Holdings Ltd. for 2.37 billion yuan ($380 million).
Sunac will pay 1.18 billion yuan for Shanghai Qingwan, 606.6 million yuan for Shanghai Rongwan and 598.6 million for Shanghai Yingwan and Shanghai Chengwan combined, the company said in a Sunday filing with the Hong Kong stock exchange. Kaisa announced it would post a loss of 43.9 million yuan after the disposals in a separate filing with the Hong Kong exchange.