China Overseas Land in 31b yuan deal to buy Citic's property assets
Move will help the state-owned property developer secure land amid rising prices
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Hong Kong
CHINA Overseas Land & Investment (COLI) is buying the residential real estate business of conglomerate Citic for 31 billion yuan (S$6.6 billion) as the state-owned property developer moves to secure land amid their rising prices.
COLI is paying for the deal by issuing HK$29.7 billion (S$5.3 billion) worth of new shares while the remainder would be paid by transferring 6.15 billion yuan worth of property portfolios to Citic, the developer said in a securities filing to the Hong Kong stock exchange on Monday.
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