OUE Lippo to buy 22.97% stake in Gemdale for HK$1.5b

Singapore

OUE Lippo, a subsidiary of mainboard-listed real estate owner, developer and operator OUE Limited, has entered into a conditional subscription agreement to subscribe for 2.9 billion new ordinary shares in Hong Kong-listed Gemdale Properties and Investment Corporation Limited (GPI) at an issue price of HK$0.52 per share, amounting to about HK$1.508 billion (S$256.4 million).

In an announcement to the Singapore Exchange (SGX) on Sunday, OUE Limited said that the deal, which was signed on Friday, is expected to allow OUE Group to gain access and exposure to the real estate market in China through its shareholding in GPI, as well as the opportunity to leverage future potential collaborations and partnerships with GPI, which is one of the established real estate developers in China.