Sunac to buy 49% stake in Kaisa

Sunac China Holdings Ltd has agreed to buy a 49.3 percent stake in troubled Chinese property developer Kaisa Group, financial news magazine Caixin reported Friday, citing an unidentified senior company executive.

The report came as Sunac announced a share trading suspension pending the release of an "announcement containing inside information in relation to the company."

The report said the firm would buy the stake from the founding Guo family and that the two sides had recently signed an agreement but the report did not disclose value for the deal.

Financial news website yicai.com also reported on Friday that Shenzhen Overseas Chinese Town is likely to buy parts of Kaisa's assets involved in urban renewal projects.