SPG sells stake in Shanghai hotel, itself

Property developer SPG Land Holdings (0337.HKG) will sell a controlling interest in itself along with half of its stake in the Peninsula Hotel, Bloomberg reported, citing a Hong Kong Stock Exchange filing. The deals are part of a plan to raise US$561.5 million to pay off loans, pay a special dividend and fund projects. Greenland Holding Group will buy the stake in SPG for US$386 million, while SPG Chairman Wang Weixian will buy a 50% interest in the Peninsula Shanghai for US$175 million. SPG was among the developers most exposed to high-end, speculative housing projects, a market hit by regulations to curb sales of second homes, according to Moody’s Investors Services.