Date
22 September 2017

Guangyu Development to buy assets from parent, paper says

Tianjin Guangyu Development Co. Ltd. (000537.CN) will buy real estate assets from its parent, Shandong Luneng Group Co. Ltd., and other parties for a combined 12.52 billion yuan (US$2.01 billion), according to regulatory filings Wednesday. The deal is awaiting approval by shareholders and the China Securities Regulatory Commission. The acquisitons will help Guangyu boost its market share in Beijing, Chongqing, Jinan and other key cities, Securities Times reported, citing an unnamed industry analyst.

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TL/MY/RA

 

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