HK-listed SUNAC picks 51% stake in two Chinese developers for $2.17b

The Sunac China Holdings Ltd. logo is displayed on a crane at one of the company's construction sites in Beijing, China, on Tuesday, March 10, 2015. Photographer: Tomohiro Ohsumi/Bloomberg

SUNAC China Holdings, a Hong Kong-listed real-estate developer, has announced the acquisition of 51 per cent stake each in two Chinese property developers for a total consideration of 15.27 billion yuan ($2.17 billion), per a company statement. 

China will buy the stakes in the two companies – Global Century and Times Global – from YMCI, the state-owned assets supervision and administration commission of Yunnan Province.

YMCI will hold the remaining 49 per cent stake in both companies, per the filing. Sunac said it will finance the acquisitions with internal resources.

Times Global and Global Century are specialized in real estate development, management consultancy, conference, exhibition, and tourism, per the statement.

Since 2003, SUNAC has followed a real estate plus investment and development strategy. Its various divisions include Sunac Real Estate Group (high-end lifestyle properties in China), Sunac Services, Sunac Culture & Tourism Group (family entertainment service operator) and Sunac Culture Group.

With this partnership, SUNAC aims to add more land banks for expansion and also advance its operation management business. 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.