Sunac China Holdings buys three projects for $970m

Sunac China Holdings has acquired a set of three projects from competitor Xinhu Zhongbao for RMB 6.7 billion ($970 million), according to a Shanghai Stock Exchange release.

The assets totaling 10.8 million are located at 167 Qingyun Road in Hongkou district, Shanghai; four residential plots located in Yuantuojiao Township, in Qidong, a tourist area in eastern Jiangsu province; and three sites in Pingyang County in the Zhejiang province city of Wenzhou.

Under the terms of the agreement, Sunac Holdings will have a majority stake in two of Xinhu Zhongbao’s subsidiaries. And Xinhu Zhongbao will retain a 9.9 percent stake in the two companies holding the trio of projects.