Related News
Home » Business » Real Estate
Stake sale propels Greentown shares
Print Edition
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
