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BUSINESS & TECH

State-Owned Developer Sets Up Joint Venture to Tap Into Anbang Assets

Photo: VCG
Photo: VCG

State-owned developer Sino-Ocean Group Holding Ltd. is forming a joint venture with Anbang Insurance Group, tapping into the latter’s real estate portfolio at a time when the government is restructuring the debt-ridden insurer.

Sino-Ocean said in a filing to the Hong Kong Stock Exchange on Thursday that both parties will each contribute 100 million yuan ($15.7 million) for a 50-50 stake in Beijing Bangbang Commercial Property Co.

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