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 […]

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Read the original article: China Money Network