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Kaisa's 1B-yuan investment in Chinese urban redevelopment project in limbo

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Kaisa's 1B-yuan investment in Chinese urban redevelopment project in limbo

Kaisa Group Holdings Ltd. is at risk of forgoing a more than 1 billion-yuan investment in an urban redevelopment project in Xi'an, China, due to mounting issues with a fellow developer, Bloomberg News reported, citing a company statement.

The project aims to transform a shanty town into residential dwellings. The Chinese real estate developer bought into the project in August 2017, procuring a majority stake in the development from Xi'an Xinlicheng Co., as well as the rights to proceed with construction.

In September 2017, local builder Xi'an Xingzhengyuan Co. removed Kaisa's legal title to the project.

Xingzhengyuan reportedly recently drove excavators and forklift trucks into the construction site, injuring a Kaisa local executive.

Kaisa is working to win back its legal rights to the site, the report added.

Bloomberg could not retrieve a comment from Xingzhengyuan regarding the matter.

As of Jan. 1, US$1 was equivalent to 6.88 yuan.