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Stake sale propels Greentown shares
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PROPERTY developer Greentown China Holdings Ltd jumped the most in two and a half years in its Hong Kong trading yesterday after the company agreed to sell an around 24 percent stake to state-owned China Communications Construction Group for HK$6.01 billion (US$775 million) on Tuesday.
Greentown’s stock surged 20.7 percent to HK$7.65, the most since June 2012. They resumed trading yesterday after a brief suspension on Monday.
The shares fell to a 30-month low last week after a stake sale of the same size to Sunac China Holdings was halted.
CCCG, the controlling shareholder of China Communications Construction Co as well as the nation’s biggest builder, plans to buy 524.85 million shares at HK$11.46 each from three Greentown shareholders — its Chairman Song Weiping, Song’s wife Xia Yibo, and CEO Shou Bainian, Greentown said in a filing to the Hong Kong stock exchange yesterday.
The completion of the deal will make CCCG Greentown’s biggest shareholder together with Wharf Ltd’s 24.29 percent, while Shou’s stake was cut to 8.1 percent.
“So many people feel unhappy about the previous cooperation especially the proprietors,” Song said.
“But I’m confident to join hands with the government this time to make fewer people unhappy,” he said.
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