China Development Bank Plans 40% Stake in Developer New Town
This article is for subscribers only.
China Development Bank’s private-equity arm agreed to buy 40 percent of China New Town Development Co., a Singapore and Hong Kong-listed developer focused on urban development on the mainland.
The unit of the world’s largest policy lender signed a non-binding agreement to subscribe for 3 billion shares in the company at 24.6 Hong Kong cents each, China New Town said in a statement to the Hong Kong stock exchange yesterday. The stake of controlling shareholder SRE Investment Holding Ltd. will fall to 20 percent from 33 percent, according to the statement.