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Sunac-Greentown to Buy Shanghai Project for $925 Million

June 1 (Bloomberg) -- Greentown China Holdings Ltd. and Sunac China Holdings Ltd., both Hong Kong-listed developers of land in China, said they will jointly buy a property project in Shanghai for 5.68 billion yuan ($925 million).

Sunac Greentown Investment Holdings Ltd., a 50-50 venture between the companies, will also assume 2.32 billion yuan of debt, according to a Hong Kong stock exchange filing yesterday.

The purchase gives the developers, which have been cooperating in Shanghai since June 2012, a site with a view of the Huangpu river, a “rarity,” according to the statement. In March, the companies announced a framework agreement for the purchase at a total consideration of 9.02 billion yuan, according to a joint statement at the time.

The project, in the city’s Huangpu district, will have a total of 674,564 square meters (7.3 million square feet) of floor area, including apartments, offices, commercial space and parking, the companies said. Of this, 207,937 square meters are complete and the balance is under construction, they said.

The seller of the project is Arch Capital Success Ltd., Sunac and Greentown said in the filing. Greentown is based in Hong Kong and Sunac in Tianjin, China.

To contact the reporter on this story: Joshua Fellman in New York at jfellman@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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