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Greentown to sell 51% stakes in a property to Sunac China

Jan. 6, 2012 (China Knowledge) - Greentown China Holdings Ltd<3900>, principally engaged in developing residential property projects, has inked an agreement to sell a 51% stake in a property development project, located in Wuxi, Jiangsu Province, to Sunac China Holdings Ltd<1918> for RMB 51 million.

The mixed-use project, which is under construction, is designed to have a floor area of 52,500 square meters. The plot for the same project was acquired by Greentown China for RMB 2.9 billion in August 2009.

Analysts said Greentown China suffers capital shortage and is spinning off property assets for fundraising.

On December 29, 2011, the real estate developer sold 10% equity interests of a CBD plot at the Bund, Shanghai, to SOHO China Ltd<0410> at a consideration of RMB 1.04 billion.

Greentown China yesterday announced the completion of selling a 35% stake and a 50% stake in two projects in Hangzhou for RMB 70 million and RMB 125 million, respectively. A 49% stake in a Shanghai project has also been sold for RMB 49 million.

In 2011, Greentown China's contracted sales totaled RMB 35.3 billion, reflecting a year-on-year decline of 35% or RMB 18.8 billion and accounting for 88% of its reduced annual sales target of RMB 40 billion.

The sales target for 2011 was reduced to RMB 40 billion from RMB 55 billion last September, said the property developer.

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