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China Overseas Land Investment acquire the property assets of conglomerate Citic Group.

  • Author:Memory
  • Source:www.diecastingpartsupplier.com
  • Release on :2016-03-22

China Overseas Land & Investment has agreedto acquire the property assets of Chinese state-owned conglomerate Citic Group.

The Hong Kong-listed property developer will payRmb31bn (HK$37.08bn, or$4.8bn), give or take 5per cent, for Citics residential property assets, thecompany said in a statement to the Hong KongExchange.

To pay for the deal, COLI will issue 1.1bn consideration shares, at HK$27.13 a piece, worthHK$29.72bn, as well as HK$7.36bn to be settled by the transfer of a portfolio of properties.

The new shares represent 11.1 per cent of the existing issued share capital of the company,and the issue price represents a premium of 5.36 per cent to COLIs closing price on Friday ofHK$25.75.