Sino-Ocean Land Says Nan Fung Group Sells Shares to AnbangBloomberg News
Chinese insurer buys stake in developer for HK$7.8 billion
Nan Fung members reduce stake in Sino-Ocean Land to 0.8%
Sino-Ocean Land Holdings Ltd. said Anbang Insurance Group Co. purchased about a fifth of the Chinese developer’s shares from members of Nan Fung Group Holdings Ltd. for HK$7.8 billion ($1 billion).
Members of closely held Nan Fung, based in Hong Kong, sold the shares at HK$5.05 each, reducing their holdings in Sino-Ocean Land to about 0.8 percent, the company said in a filing to Hong Kong’s stock exchange Monday. Anbang bought the 20.5 percent stake with its subsidiary Anbang Property & Casualty Insurance Co. in a deal completed Monday, Sino-Ocean Land said.
The builder had earlier in the day jumped as much as 16 percent in Hong Kong, the most since October 2011. The stock closed 9 percent higher at HK$5.11, a four-month high. Before the transaction, Vivien Chen -- daughter of Nan Fung’s founder, Chen Din Hwa -- had held a 21.3 percent of Sino-Ocean partly through Nan Fung, according to another filing on Monday.
China Life Insurance Co. was Sino-Ocean Land’s biggest shareholder with a 29 percent stake as of the end of last year, according to data compiled by Bloomberg.
— With assistance by Moxy Ying, Jeanny Yu, and Emma Dong