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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

The deal, which is subject to shareholder and regulatory approval, will free up Citic to focus on commercial property.

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...

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