Sunac to buy 24% stake in Greentown for $812mn

Tianjin-based homebuilder Sunac China Holdings (1918.HKG) agreed to pay US$812 million (HK$6.3 billion) for a 24.3% stake in Chinese developer Greentown China Holdings (3900.HKG), Bloomberg reported, citing a filing yesterday by Sunac to the Hong Kong Stock Exchange. Sunac, which is partly owned by buyout firm Bain Capital, will buy 524.8 million shares at US$1.55 (HK$12) each from Greentown Chairman Song Weiping, CEO Shou Bainian and shareholder Xia Yibo. The cost of the shares was 56% higher than the last closing price. Greentown is the biggest developer in eastern China’s Zhejiang province.