Goldin Properties Holdings Ltd. agreed to sell 18 billion yuan ($2.8 billion) of properties in China to an undisclosed associate of a person connected to the company and an independent third party.
Goldin announced the deal in a statement on Wednesday. A further announcement on the disposal will be published “as soon as practicable.”
The statement came after the company requested a halt in trading on Dec. 8 following an increase of as much as 32 percent in the share price. Goldin isn’t aware of any reason for the price and trading volume on that date, the company said in Wednesday’s statement.
Goldin Properties owns a 89-hectare (220-acre) parcel of land in the city of Tianjin that includes a 117-story office tower under construction, a Las Vegas-style entertainment district and polo fields surrounded by villas. Billionaire Pan Sutong, who owns about 64 percent of Goldin Properties, notified the Hong Kong stock exchange in March that he was considering taking the developer private.