Sunac China to buy 49.3% stake in troubled developer Kaisa

A property construction site in Nanjing, capital of Jiangsu province. [Photo provided to China Daily]

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

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

The Caixin report said the firm would buy the stake from the Kwok brothers, who formally controlled the developer, and that the two sides had recently signed an agreement. It did not give a dollar value for the deal.

Earlier this week, financial news website Tencent Finance reported that Sunac, which last month terminated a deal to acquire a majority stake in developer Greentown China Holdings , was in talks to buy part of Kaisa.