Wharf Bids 7 Billion Yuan for Stake in Sunac-Greentown VenturesMoxy Ying
Wharf Holdings Ltd. submitted a 7 billion yuan ($1.1 billion) offer to take over Greentown China Holdings Ltd.’s share of two Chinese real-estate ventures, a Greentown executive said.
Wharf’s bid was higher than Sunac China Holdings Ltd.’s offer, the executive said, asking not to be identified citing company policy. Sunac is the partner in the ventures.
Wharf’s offer comes amid escalating tension between the two Chinese partners, which has led to a public quarrel over control of the assets. Sunac has previously said it won approval to buy Greentown’s 50 percent-holdings in the ventures, only for Greentown to dispute that.
Wharf couldn’t be reached for immediate comment.