Kaisa has withdrawn from four Shenzhen projects, with CITIC City Development taking over.
July 4,$KAISA GROUP (01638.HK)$The company is gradually disposing of its assets, and the "CITIC Chengkai Tower" project in Futian District, Shenzhen, has officially been listed for sale. According to reports, the project was formerly known as the "Kaisa Technology Center," which now falls under the management of CITIC Chengkai.
According to available information, CITIC Chengkai is a first-tier subsidiary of the CITIC Group. In addition to the Kaisa Technology Center, as of June 2022, Kaisa had already exited the Nanshan Dongjiaotou Project, the Jinshawan International Amusement Park Project, and the Kaisa Shipping Hongshuwan Project, with all these transactions being acquired by affiliated companies within the CITIC group.
Analysts note that since Kaisa Group ran into a financial crisis, the company has been steadily divesting its projects to raise cash. Against the backdrop of a broadly sluggish real estate market, securing buyers for these assets could help alleviate the company's short-term liquidity pressures. However, the trust crisis triggered by the company's failure to file its annual report on time may further exacerbate its financing challenges.
As of the close on July 4, Kaisa Group was up 10.53% before its suspension, with the share price at HK$0.840.
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