Kaisa in Strategic Agreement With State-Owned Builder and Bad-Debt Manager

What’s new: Defaulted developer Kaisa Group Holdings Ltd. unveiled a strategic agreement with a state-controlled builder and one of China’s major bad-debt managers, becoming one of the few big private developers to avoid major liquidity issues.

China Merchants Shekou Industrial Zone Holdings Co. and China Great Wall Asset Management Co. entered into a strategic cooperation agreement with Kaisa to develop real estate, tourism and other businesses in an area including Hong Kong and Macau, the developer said Tuesday.