Deals
Anbang Pays $420 Million to Boost Stake in Sino-Ocean Land
- Insurer raised stake in Sino-Ocean to 29.98% on Dec. 9
- Anbang bought 20.5 percent of developer two days earlier
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Anbang Insurance Group Co. paid HK$3.3 billion ($420 million) to raise its stake in Sino-Ocean Land Holdings Ltd. to almost 30 percent, days after it bought about a fifth of the Chinese developer’s shares.
The insurer purchased 651 million Sino-Ocean Land shares at an average price of HK$5 a share on Dec. 9, taking its stake to 29.98 percent from 21.31 percent, according to a disclosure filed with the Hong Kong stock exchange on Wednesday. Anbang on Dec. 7 bought 20.5 percent of the builder from the family of Nan Fung Group Holdings Ltd.’s founder Chen Din Hwa, according to a filing last Monday.