Property News · November 28, 2018

New World Development buys majority stake in site above metro station in Guangzhou for US$690 million


Hong Kong property giant New World Development (NWD) has expanded its footprint in China’s Greater Bay Area, by buying a majority stake in a prime land site above a Guangzhou metro station for 4.78 billion yuan (US$690 million).
In a filing to the Hong Kong stock exchange on Tuesday, the company said it has entered an agreement with Guangzhou Metro Corporation to buy a 65 per cent stake in a subsidiary of the rail operator which acquired the land in November last year. They will jointly…

Source : South China Morning Post
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