Reuters first to report China’s Kaisa plans to sell property management unit, Hong Kong sites

Reuters was first to report that Kaisa Group Holdings Ltd is seeking buyers for its Hong Kong-listed property management unit and two residential sites in the city, as it scrambles to meet a wall of debt repayments. Kaisa plans to sell its entire 67.18% stake in Kaisa Prosperity Holdings Ltd, a company with a market value of around HK$2.4 billion ($310 million), Reuters sources said. Kaisa has the most offshore debt coming due over the next year of any Chinese developer, after embattled China Evergrande Group which – with more than $300 billion in liabilities – is at the center of a stifling liquidity crisis in China’s $5 trillion property sector.