New World China Land, a builder of residential and commercial property in China, has agreed to increase its stake in a China property firm for US$65 million.
The company, a 71%-owned unit of blue-chip conglomerate New World Development, plans to buy a 52.5% stake in Shanghai Trio Property Development from its executive director, William Doo.
WSJ Online said that after the sale, Shanghai Trio Property will become a wholly owned unit of New World China Land, the statement said.
The company also said it agreed to sell its 50% interest in Shanghai Juyi Real Estate Development to William Doo for US$123 million.