Chinese Developer Sunac Sells $ 530 Million of US Custodian Shares of KE Holdings


The logo of Sunac China Holdings Ltd is seen at an exhibition in Hangzhou, Zhejiang province, China on May 25, 2015.. China Daily / via REUTERS

Register now for FREE and unlimited access to reuters.com

Register

HONG KONG, Dec. 8 (Reuters) – Sunac China Holdings Ltd (1918.HK) on Wednesday announced it had sold US depository shares (ADS) of the Chinese housing transactions and services platform for $ 530 million KE Holdings Inc (BEKE.N) to increase working capital.

The Chinese real estate developer had sold a total of 26.71 million ADS of KE Holdings, equivalent to 80.14 million Class A KE Holdings ordinary shares, on the open market between October 29 and December 7, he said in a Hong Kong Stock Exchange filing.

Sunac China, with a market value of HK $ 77.65 billion ($ 9.96 billion), said it sold a total of 45.35 million ADS from KE Holdings for $ 1.084 billion between the 1st June and December 7.

Register now for FREE and unlimited access to reuters.com

Register

“The disposals, realizing its financial investment as planned, allow the group to focus on the development of its core business and further optimize the group’s asset structure,” said Sunac Chairman Sun Hongbin.

The developer said it expects to record a pre-tax loss of 5.63 billion yuan ($ 884.58 million) from the latest divestiture in 2021.

Sunac China has been investing in KE Holdings for more than four years and is optimistic about the future development of the integrated online and offline housing platform. She gave no details about her detention after the surrender.

($ 1 = 7.7991 Hong Kong dollars)

($ 1 = 6.3646 yuan Chinese renminbi)

Register now for FREE and unlimited access to reuters.com

Register

Reporting by Donny Kwok; Editing by Rashmi Aich

Our Standards: Thomson Reuters Trust Principles.


Comments are closed.