China's Sunac in talks to buy 30 pct of fellow developer Greentown

HONG KONG Thu May 15, 2014 10:21pm EDT

HONG KONG May 16 (Reuters) - Sunac China Holdings Limited said it is in talks to buy 30 percent of fellow property developer Greentown China Holding Ltd, sending shares in Greentown 5 percent higher.

Greentown said that while the two companies were in discussions, it had not yet received a formal offer.

Sunac shares were down 7 percent as of 0157 GMT.

(Reporting by Clare Jim; Editing by Edwina Gibbs)