| A long time coming, consolidation in China’s property sector seems to finally be starting. State-owned Greenland Holding Group Co. late Wednesday said it bought a 60% stake in luxury property developer SPG Land Holdings Ltd. for US$389 million, the largest-ever acquisition of a controlling stake in a Hong Kong-listed Chinese real estate developer by value.
Policy tightening in China’s once booming property market has given well-funded real estate companies a leg up–they have the opportunity to buy out struggling developers or projects and in some cases, pick up prized assets along the way........................................Full Article: Source
|