Greentown China Holdings is one of ten Chinese property firms that will spend about $519.5 million to effectively buy a controlling stake in Japanese real estate fund Pacific Holdings. This according to the Nikkei business daily.
The debt-ridden Japanese company said last month it would raise that amount by issuing common and preferred shares by February to several Chinese real estate firms, but it did not disclose any company names.
A Pacific spokesman could not immediately confirm the report.
The Nikkei reported that Greentown and nine unlisted Chinese companies will indirectly purchase Pacific’s preferred shares, which would account for 90% of voting rights if converted into common stock.
Greentown will purchase 15% of the preferred shares and another firm will buy 20%. The report said the other companies will split the remaining shares nearly equally.