Developer Sunac China Holdings has agreed to buy a 49.3 percent stake in struggling Chinese property firm Kaisa Group Holdings, Bloomberg News reported on Wednesday citing an interview with Sunac chairman Sun Hongbin.

Sunac is buying the stake from the family of Kaisa's former chairman Kwok Ying Shing, who resigned suddenly at the end of last year, the report said. Sun told Bloomberg there is a 50 percent chance the deal will go through.

Kaisa, a homebuilder based in the southern Chinese city of Shenzhen, is struggling to meet its debt obligations following the abrupt departure of several senior executives and a local government block on its property sales.