Date
16 October 2017

Sino Life boosts stake in Gemdale to 14.8%, report says

Real estate developer Gemdale Corporation (600383.CN) said Wednesday that Sino Life Insurance Company Ltd. now holds about 14.8 percent stake in the company after additional share purchases on the secondary market, the Securities Times reported. Sino Life first bought a 5.41 percent stake in Gemdale in January 2013 for 1.661 billion yuan, before boosting the shareholding to 9.808 percent in November 2013. The stake has now gone up to 14.8 percent as of February 11, the report said, adding that Sino Life had altogether spent more than 4 billion yuan (US$659.86 million) on the Gemdale share purchases.

– Contact HKEJ at [email protected]

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