Sunac: Kaisa Book Value Zero, Shares Worthless

WSJ: Sunac Chairman on Aborted Kaisa Bid: ‘Not Worth Buying’
Why did Sunac give up?

“We gave up Kaisa just because we found it isn’t worth buying,” said Sun Hongbin during a luxury property launch event in Beijing on Thursday.

...Mr. Sun added that when a friend asked him how to deal with Kaisa’s shares, he suggested “to sell them all” once the stock resumes trading.

“The future for Kaisa is not optimistic,” said Mr. Sun.

Reuters: Former suitor says China Kaisa's book value per share fell to zero
Sunac China Holdings chairman and chief executive officer Hongbin Sun told reporters at a company event that he had decided to terminate the purchase after noting Kaisa's net asset per share before amortization had fallen to zero, in its yet-to-be published 2014 financial report.

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