Kaisa plans to resume Shenzhen home sales

    KAISA is in talks with creditors to resolve sales that have been blocked at Kaisa City Plaza, Yuefeng Garden and Qianhai Plaza in Shenzhen, Tam Lai-ling, a senior adviser and former Kaisa vice chairman, said yesterday.

    The company hopes to sign a framework agreement with an onshore creditor committee this week or next to push forward its debt restructuring, he said. The resumption of sales will help ease a liquidity crunch at Kaisa after the Shenzhen city government blocked sales of the Shenzhen-based developer’s projects in the city late last year amid an anti-corruption probe.

    BOC unit to sell Nanyang Commercial Bank

    BOC Hong Kong (Holdings) Ltd., which is controlled by Bank of China Ltd. (BOC), plans to sell its unit Nanyang Commercial Bank Ltd. for HK$68 billion (US$8.8 billion), according to a statement posted on the Beijing Financial Assets Exchange yesterday.

    Last year, Nanyang recorded a net profit of HK$2.8 billion, the statement said, but it didn’t provide the lender’s year-earlier figures for comparison. BOC Hong Kong operates a network of branches under the Bank of China banner in Hong Kong, but also owns and runs Nanyang under separate brands in the city.

    Vanke, PAG to team up for Shui On project

    CHINA Vanke, PAG Real Estate Partners and Tishman Speyer Properties have teamed up to buy part of a Shanghai office project from Shui On Land Ltd., sources said yesterday.

    No agreement for the purchase of Corporate Avenue 3 has been signed yet and the trio are now seeking a US$509 million syndicated loan to finance the deal, according to the sources . Vanke holds a 50 percent stake in the consortium and PAG owns 45 percent, with Tishman Speyer taking the remainder, the sources said.

    Regulator orders suspension of Hanergy trading

    HONG KONG’S securities regulator yesterday ordered all trading of Hanergy Thin Film Power Group Ltd. to be halted following an investigation into the solar company at the center of a US$19 billion stock market rout.

    The Securities & Futures Commission asked the Hong Kong stock exchange to halt all dealings without delay yesterday, according to a statement to the bourse. The suspension was made under a rule whereby the regulator can call for a halt if it believes that misleading, false or incomplete information has been included in documents and statements issued.