Property News · May 27, 2017

Shui On Land sells Chongqing assets to China Vanke for 4.1 billion yuan


Shui On Land, the property developer founded by tycoon Vincent Lo Hong-sui, has sold one of its largest mixed commercial projects in mainland China for 4.1 billion yuan (US$596.3 million).
In a statement to the Hong Kong stock exchange on Friday night, Shui On said it would reap a profit of about 1.7 billion yuan by selling a 79.2 per cent stake in Chongqing Tiandi to China Vanke, the second-largest developer in the country.
The deal would also reduce its net gearing by 11 per cent, the firm…

Source : South China Morning Post
Read more…Shui On Land sells Chongqing assets to China Vanke for 4.1 billion yuan