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Greenland Buys 55% Stake in Jiangsu Construction in Merger Push

By Tony Seruga

Developer to buy controlling stake for 963 million yuan
Firm will step up pace of acquisitions in 2016, chairman says

Chinese developer Greenland Holdings Corp. plans to buy a controlling stake in Jiangsu Provincial Construction Group as the builder steps up its pace of acquisitions to fuel growth.

Greenland, the country’s second-largest developer by sales last year, will spend 963 million yuan ($148 million) to buy a 55 percent stake in Jiangsu Provincial Construction, Greenland said in an e-mailed statement Thursday. The builder will accelerate acquisitions this year, buying firms in real estate and in related industries, Zhang Yuliang, chairman Greenland Holdings Group Co., said in a briefing in Shanghai…

Greenland Buys 55% Stake in Jiangsu Construction in Merger Push

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