To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionGreentown China to buy stake in Shanghai-based realty firm for $268m
Greentown China Holdings is investing a combined ¥2.28 billion ($329 million) in two property companies that would allow it to indirectly participate in multiple developments in China.
The Chinese developer’s Greentown Real Estate Group Co. Ltd. subsidiary is investing ¥1.90 billion ($268 million) in Shanghai Zhonghan Real Estate Co. and ¥378.8 million ($53.47 million) in Zhejiang Qifeng Industrial Co. through separate agreements with Xinhu Zhongbao Co.
The acquisition will primarily facilitate Shanghai Zhonghan in furthering the development of the second phase of the Qinglan International City Project in Jing’an district, Shanghai City, as well as the three real estate development projects that are currently run by Zhejiang Qifeng in northeastern China’s Shenyang City.
