Sunac China to take 51% stakes in two Chinese property companies
Sunac China Holdings has plans to acquire two stakes of 51 percent each in a pair of Chinese companies that develop and operate real estate projects in China for 15.27 billion yuan ($2.17 billion).
Chinese real estate developer Sunac China will buy the stakes from YMCI, the state-owned assets supervision and administration commission of Yunnan Province.
YMCI will hold the remaining 49 percent stakes of both companies, Global Century and Times Global, the statement said. Global Century and Times Global manage 18 real estate projects, including residential, commercial and hotel properties.