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Sunac, Greentown buy $1.45 billion property assets in central Shanghai
March 17, 2013 / 3:15 PM / 5 years ago

Sunac, Greentown buy $1.45 billion property assets in central Shanghai

HONG KONG (Reuters) - Sunac China Holdings Ltd (1918.HK) and Greentown China Holdings Ltd (3900.HK) deepened ties through a $1.45 billion purchase of a Hong Kong holding company that owns land in central Shanghai.

The two companies, which first announced co-operation in June 2012 by forming Shanghai Sunac Greentown, said they would buy a 50 percent interest each in Golden Regal Limited, an offshore investment vehicle owned by China Gold Associates Limited.

Golden Regal’s projects are a mix of high-rise apartments and commercial developments located in the Huangpu District of Shanghai, the two companies said in a statement to the Hong Kong exchange. ($1 = 6.2135 Chinese yuan)

Reporting by Vikram Subhedar; editing by Keiron Henderson

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