Kaisa buys Chinese development sites for $502m
Hong Kong–listed property developer Kaisa has been actively purchasing development sites in Shenzhen, China.
Kaisa is under contract to buy two development sites located in Shenzhen, a city in Guangdong province, totaling $502.3 million. Sunglass maker Arts Optical International Holdings has sold its Shenzhen factories, a 16.15-acre in Shenzhen, for 1.8 billion yuan, or 2,557 yuan per square foot ($291.51 million/$414 per square foot). The deal requires shareholder approval because it is a substantial disposal. The deal also includes the sale of four small plots of residential land.
“The board considers the transactions to be an important opportunity for the group to capitalize on its investment gain and to finance the relocation of its manufacturing facilities," Kaisa said in an official announcement.
In a recent separate deal, Shanghai Chengying Trust has agr