CITIC To Sell Residential Property Business To China Overseas Land

CITIC Group has agreed to sell its mainland residential development business to China Overseas Land & Investment Ltd. in an asset swap transaction valued at around RMB31 billion (US$4.8 billion), the companies said in an announcement (in Chinese). China Overseas Land is to issue HK$29.72 billion (US$3.83 billion) worth of new shares and inject RMB6.15 […]


Visit ChinaMoneyNetwork.com for more daily finance news, including audio and video Internet podcasts covering important investment news and financial events in China. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

Read the original article: China Money Network