Shares in Greentown China Holdings have jumped following news of the sale of a 24% stake in the company to state-owned construction firm China Communications Construction for HK$6 billion, or HK$11.46 a share.
Greentown’s shares had been on a trading halt this week after falling sharply on Friday following news Chairman Song Weiping planned to sell the stake to fellow developer Sunac China Holdings. The purchase price represents an 81% premium to the closing price on Friday.
Following the divestment Song will retain a 10% stake in Greentown.
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