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Tycoon sells US$3.2 billion of China real estate

Profile Photo By: Steve Shellum
December 30, 2015

Tycoon sells US$3.2 billion of China real estate

Evergrande Real Estate GroupChina? Evergrande Real Estate Group Ltd has agreed to buy mainland property assets, including hotels, in cities including Shanghai and Beijing from the empire of Hong Kong tycoon Cheng Yu-tung for 20.4 billion yuan (US$3.2 billion).
Evergrande will buy a 60 percent stake in a commercial and residential development in Sichuan province and a project comprising hotel, residential and office buildings in Guizhou province from New World China Land Ltd, which is controlled by Cheng, for 7.3 billion yuan.

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