Caixin
Jan 22, 2019 03:48 AM
BUSINESS & TECH

Sunac Buys Land in Beijing, Shanghai for $1.83 Billion

Sunac has relied mainly on mergers and acquisitions to add land reserves since 2016. Photo: VCG
Sunac has relied mainly on mergers and acquisitions to add land reserves since 2016. Photo: VCG

Sunac China Holdings, one of the country’s biggest property developers, agreed to pay rival Oceanside Holdings 12.5 billion yuan ($1.83 billion) for two parcels of land in Beijing and Shanghai.

The cash deal will be one of Sunac’s biggest acquisitions in years. The company’s Sunac Real Estate unit will acquire 100% of Oceanwide Construction Holdings, a unit of Shenzhen-listed Oceanside.

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