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Kaisa Bonds Surge After Sunac Agrees to Buy 49.3% Stake

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Bonds of Kaisa Group Holdings Ltd. surged after Sunac China Holdings Ltd. said it has signed an agreement to buy a 49.3 percent stake in the troubled developer and will make a general offer.

Kaisa’s $500 million of 10.25 percent 2020 notes jumped 10.9 cents to 69.1 cents on the dollar as of 5:38 p.m. in Hong Kong, according to Bloomberg-compiled prices. Its $800 million of 8.875 percent notes advanced 10.6 cents to 69.3.