Shui On Land has struck a deal to sell almost half its stake in a portfolio of prime Shanghai property projects to China Life Insurance for 4.16 billion yuan (US$630 million), its latest move to pursue an “asset-light strategy”.
The sale is expected to generate a gain of 1.2 billion yuan for the property developer founded by tycoon Vincent Lo Hong-sui, it said in a filing to Hong Kong’s bourse late on Tuesday.
“In accordance with the ‘asset-light strategy’…
Source : South China Morning Post
Read more…Shui On sells prime Shanghai property projects to China Life for 4 billion yuan















