Greentown China Holdings Ltd. (03900.HK) is selling a 24.29 percent stake to China Communications Construction Group (CCC Group) for HK$6.01 billion (US$773.4 million).
The sale comes after the mainland property developer rejected a HK$6.3 billion offer from Sunac China Holdings Ltd. (01918.HK) for a 24.3 per cent stake in the company, the Hong Kong Economic Journal reported Wednesday.
CCC Group will become Greentown’s biggest shareholder, matched only by Wharf Holdings Ltd. (00004.HK).
The disposal involves Greentown chairman Song Weiping, vice chairman Shou Bainian and several other shareholders.
Greentown agreed to sell a 24 percent stake to Sunac but negotiations broke down after Sunac had paid the money.
The deal with CCC allows Greentown to return the money to Sunac and formally end their transaction, according to analysts.
Sunac, controlled by Sun Hongbin, reputed to be a property “selling machine”, had been expected to ease Greentown’s mounting inventory, they said.
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