HONG KONG: Property developer Greentown China Holdings Ltd said state-owned China Communications Construction Group Ltd (CCCG) is buying a 24.29% stake in it for about US$775mil, days after a planned stake sale to another firm failed.
CCCG, the controlling shareholder of China Communications Construction Co Ltd, has agreed to buy a total 524.85 million shares from three Greentown shareholders, including Shou Bainian, Song Weiping and Xia Yibo, at HK$11.46 each, Greentown said in a filing to the Hong Kong bourse yesterday.