From China Knowledge: Shanghai Industrial Holdings Ltd, which is engaged in the real estate development, infrastructure, medicine and consumer products businesses, on Jun. 11 announced that it has agreed to purchase one of Glorious Property’s high-end residential property projects for RMB 2 billion, sources reported.
According to the agreement signed by the two property firms, a wholly-owned subsidiary of Glorious Property will be in charge of developing, selling and operating the residential property project. Glorious Property will have the option to repurchase the project at the end of 2011 through the subsidiary. …….Full Article: Source