Chinese developer Kaisa in push to end share trade suspension, says it will release 2014/15 results by April
HK toy king’s share purchase helps troubled firm cross the necessary listing threshold
“We target to announce the financial result from 2014 to 2016 first half, by the end of March,” Tam Lai Ling, a senior adviser and former vice chairman of Kaisa, told the South China Morning Post in a phone interview on Thursday.
“The company has achieved other conditions for resumption [of share trading], publishing the financial results is the last step,” he said.
The developer, which in 2015 became the first Chinese developer to default on its US dollar-denominated bonds, has been struggling to restructure its 65 billion yuan (US$9.44 billion) debt, prepare delayed financial statements, and improve the percentage of shares owned by the public, in a bid to resume trading of its shares.
On February 23, Hong Kong billionaire Francis Choi Chee-ming bought a 4.23 per cent stake in Kaisa for 5 billion yuan through Da Chang Investment Company, bringing his combined holding to 5.21 per cent.