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
Tue, Mar 15, 2016 - 5:50 AM
The deal, which is subject to shareholder and regulatory approval, will free up Citic to focus on commercial property.
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.