HONG KONG, Feb 5 (Reuters) - Developer Sunac China Holdings has acquired a 49.25 percent stake in struggling property company Kaisa Group at an average price of HK$1.80 per share, according to a Hong Kong stock exchange filing.
Sunac bought 2.53 billion shares, taking the total deal value to HK$4.55 billion ($587 million), the filing said. Earlier this week, Kaisa said that its chief executive had resigned, dealing a further blow to the embattled property developer.
Kaisa’s shares last traded at HK$1.59 each. ($1 = 7.7530 Hong Kong dollars) (Reporting by Denny Thomas; Editing by Gopakumar Warrier)