Finally a resolution — of sorts. Then again, we have been here before. Over the weekend, troubled Hong Kong-listed developer Kaisa confirmed that it will sell some of its Shanghai projects to peer Sunac for about $380m in a bid to raise cash.
The company, most of whose Shenzhen business has been put on hold by the local government, has just over a week to service a bond held by offshore investors.
Although small, the land sales are encouraging in that they bring some much-needed consolidation to the sector. However, it is not a done deal and a similar plan for the sale of a $190m land parcel to blue-chip developer China Vanke fell through in January.
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