Sunac China Gets $1.15 Billion Cash Injection for Shanghai Project

What’s new: Struggling property developer Sunac China agreed to sell nearly 90% of its interest in one of its most valuable projects in Shanghai to two state-owned investors.

Sunac sold a 64.7% stake in its Oceanwide Construction Holdings unit, which owns the Dongjiadu project in Shanghai, to a unit of China Huarong Asset Management for 5.82 billion yuan ($826 million). It also sold 25% of the subsidiary to Citic Trust for 2.25 billion yuan, business registration information showed.