Kaisa Group said it entered into a strategic co-operation agreement with China Merchants Shekou Industrial Zone and Great Wall Asset Management Co., according to an HKEX filing. The three companies agreed to co-operate in property development, tourism, ferry services and other businesses in the Guangdong–Hong Kong–Macau Greater Bay Area. The move is expected to help alleviate Kaisa’s short-term liquidity troubles, the developer noted. It also added that a special working group will be set up to implement the strategic cooperation.
Kaisa’s dollar bonds were higher by over 1 point to trade at over 20 cents on the dollar.
