By Madhurima Nandy
At stake is Rs7,800 crore that Unitech owes to 16,300 home buyers across 61 projects.
This will be Ascott’s second Citadines-branded property in the US.
Singapore’ CDL already owns 65.2 percent of the hotelier.
SBS said the latest investment is part of its bid to diversify into the property business.
Neither Wanda nor its development partner Athens would comment on the reasons for the separation.
The deal is the latest to signal Hong Kong’s red-hot property market shows no signs of slowing down.
GIC has emerged as a major shareholder in listed Irish residential developer Glenveagh Properties.
The two partners will establish a Singapore-domiciled, rupee-denominated fund named – SPREF II.
It is the second-most expensive real estate deal in Asia this year, after CapitaLand’s Blackrock asset purchase.
Canada’s CPPIB is also learnt to be interested in the assets.