Shenzhen Metro and China Vanke (2202) are in talks to acquire a 51 percent stake that struggling developer Sunac China (1918) holds in Shenzhen Snow World, a giant snow park.
Vanke also revealed it would repurchase 1.198 million of its A shares for 21.67 million yuan, in its first-ever share buyback.
Sunac teamed up with state-owned Zhuhai Huafa to secure the site for 12.71 billion yuan (HK$14.85 billion) in November 2020. The 36.7 billion yuan indoor ice and snow park is currently under construction in Shenzhen and is due to open in 2026.
The news came as Sunac's 30-day grace period to make a US$29.5 million (HK$230.1 million) dollar-bond interest payment ends today, according to data compiled by Bloomberg.
Failure to do so could trigger cross-default on other offshore debt, the bond's prospectus shows.
Meanwhile, Shimao's (0813) key onshore unit Shanghai Shimao is seeking to delay paying the principal on a 500 million yuan note due May 22 for a year, according to a Shanghai exchange filing.
Separately, Sunshine 100 China (2608) said in a filing that its auditor KPMG has resigned with effect from May 7.
KPMG said that the developer hasn't yet provided the requested information on a number of matters it identified during its risk assessment in relation to the audit of Sunshine 100's financial results last year.
In other news, China Overseas Land and Investment (0688) posted a 35.8 decline in contracted property sales to 20.36 billion yuan in April, with accumulated sales in the first four months down 43.3 percent from an earlier year.
Also, Yuexiu Property (0123) said its contracted sales amounted to 12.54 billion in April, a 61 percent rise from a year ago, while sales in the first four months fell 20 percent year on year.
