Sunac China cut its stake in NYSE traded Ke Holdings’ shares worth $530mn, taking its total disposals of the company’s stock to $1.08bn since June 2021. Sunac said that proceeds from the stake sale would be used for working capital purposes. Ke Holdings is an integrated online and offline platform for housing transactions and services in China. It owns and operates Lianjia, a leading Chinese real estate brokerage brand. In January 2017, Sunac had invested RMB 2.6bn ($360mn) as a strategic investment and Ke Holdings’ shares are now down 64% YTD. Sunac has been raising cash and as recent as November 2021, it raised $953mn via share sales alongside its Chairman lending the company a $450mn interest-free loan. Sunac’s dollar bonds have seen a sharp rebound this week with some of them up over 10%.
For the full story, click here
