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China: Property developers facing capital shortage

Posted on 18 May 2011

Evergrande Real Estate Group, one of China’s biggest property developers, has announced the sale of a 49 percent stake in its subsidiary, Grandday Group Ltd, whose principal asset is a large area of land in Jiangsu Province. Analysts described it as a necessary step for the developer to ease its shortage of capital, amid a general tightening of credit loans.
The Hong Kong listed developer said in a statement late Monday that the stake in Grandday Group was sold to Chinese Estates Holdings Ltd for $500 million, and that the sale would enable the two companies to form a strategic alliance in property development……………………………………….Full Article: Source


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