Pursuits

Sunac Abandons Purchase of Troubled Chinese Developer Kaisa

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Sunac China Holdings Ltd. abandoned its proposed $1.2 billion acquisition of rival developer Kaisa Group Holdings Ltd. after Kaisa bondholders failed to agree on a debt-restructuring deal.

The purchase was dropped because prerequisites for the sale weren’t met, the Tianjin-based Sunac said in a Hong Kong stock exchange filing. The conditions included a successful restructuring and refinancing of Kaisa’s debt, and the resolution of business “irregularities,” according to a Feb. 6 statement when the transaction was first announced.