[photopress:RoadKing.jpg,full,alignright]Road King Infrastructure Ltd, which operates toll roads and bridges in eight Chinese provinces, will raise its stake in China’s Sunco Property Holdings in a share purchase valued $166 million.
Arien Sy, Road King’s senior manager of finance said the Hong Kong-based company plans to increase its stake to about 90% from 49% by exercising an option to buy Sunco shares.
Sunco, based in coastal Tianjin, owns residential projects in cities including Beijing, Suzhou in Jiangsu Province and Zhengzhou in Henan Province.
Road King entered China’s property market in 2004 and has invested in projects with total gross floor area of 2.9 million square meters in Guangdong Province in the south and Jiangsu in the east, according to its Website.
Source: Shanghai Daily