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13

China Overseas Buys Citic’s Property Assets for $4.8 Billion

By Tony Seruga

China Overseas will sell 1.1 billion shares at HK$27.13 each
Sale will leave Citic with a 10% stake in China Overseas

China Overseas Land & Investment Ltd. said it will buy the Chinese residential property assets held by Citic Ltd. for about 31 billion yuan ($4.8 billion), amid a broader restructuring of China’s state-owned enterprises.

China Overseas Land will sell 1.1 billion shares at HK$27.13 each to the Citic companies as part of the transaction, it said in a statement to the Hong Kong stock exchange on Monday. The shares closed at HK$25.75 on Friday, the last trading day before the deal was announced…

China Overseas Buys Citic’s Property Assets for $4.8 Billion

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