Greenland Holdings Corp. will pay 3.58 billion yuan ($521 million) for a 66% stake in Guangxi Construction Engineering Group Co., according to a statement to the Shanghai stock exchange.
The deal, the biggest of Greenland’s investments in state-owned enterprises, will help boost the infrastructure business of the Chinese real estate firm, it said in a separate statement.
Guangxi Construction Engineering expects revenue of 200 billion yuan in 2023 after the ownership reform, according to the statement.
To contact Bloomberg News staff for this story:
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.