China Overseas Land & Investment has agreed to acquire the property assets of Chinese state-owned conglomerate Citic Group.
The Hong Kong-listed property developer will pay Rmb31bn (HK$37.08bn, or$4.8bn), give or take 5 per cent, for Citic’s residential property assets, the company said in a statement to the Hong Kong Exchange.
To pay for the deal, COLI will issue 1.1bn consideration shares, at HK$27.13 a piece, worth HK$29.72bn, as well as HK$7.36bn to be settled by the transfer of a portfolio of properties.
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