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SPG Land to Sell Control, Hotel Stake, Pay Special Dividend

SPG Land Holdings Ltd. said it will sell both a controlling stake in itself and its half interest in Shanghai’s Peninsula hotel, raising $561.5 million to repay bank loans, fund projects and distribute a special dividend. The shares almost doubled.

Greenland Holding Group Co. will pay HK$3 billion ($386 million), or HK$1.90 a share, for new stock representing a 60 percent stake in the developer, SPG said yesterday in a filing to the Hong Kong stock exchange. SPG Chairman Wang Weixian will buy the company’s 50 percent stake in the Peninsula Shanghai for 1.08 billion yuan ($175 million), according to the statement.