Deals
China Overseas Buys Citic's Property Assets for $4.8 Billion
- China Overseas will sell 1.1 billion shares at HK$27.13 each
- Sale will leave Citic with a 10% stake in China Overseas
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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) as it expands its presence across the nation’s cities amid surging land prices.
China Overseas will sell 1.1 billion shares at HK$27.13 each to the Citic companies as part of the transaction, it said Monday in a statement to the Hong Kong stock exchange. China Overseas closed 1.8 percent higher at HK$26.20 in Hong Kong, after earlier rising as much as 6.8 percent. Citic fell 2.6 percent to HK$12.00, after jumping 9.2 percent on Friday.