Greentown China Holdings Ltd and Sunac China Holdings Ltd forged deeper bonds when it purchased a Hong Kong holdings company that has central Shanghai land assets in its portfolio. The price tag for the purchase is at US$1.45 billion. The announcement was made in the Hong Kong stock exchange.
The first venture by the two holdings company was established back in June 2012 when it formed the Shanghai Sunac Greentown. The venture would purchase Golden Regal Ltd assets, with each holdings company having a 50% stake each in the whole purchase. Golden Regal Ltd is the offshore investment subsidiary of China Gold Associates Ltd.
The projects in Golden Regal's portfolio include high rise apartments and commercial developments located in Shanghai's Huangpu District. The project has a river view of the Huangpu Jiang River and is said to measure at 724,499 square meters. It is considered as one of the best locations in the district for land development.
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