Wharf Holdings to Sell Entire Sino-Ocean Stake for $284 MillionBloomberg News
It came three days after Anbang bought 21% of Sino-Ocean Stake
Wharf didn't diclose buyer and will complete sale next week
Wharf Holdings Ltd., a Hong Kong-based real-estate developer, said it has agreed to sell its entire stake in Sino-Ocean Land Holdings Ltd. for HK$2.2 billion ($284 million) to an undisclosed buyer, three days after Anbang Insurance Group Co. purchased about a fifth of the Chinese builder’s shares.
Wharf will sell 445 million shares, or 5.93 percent of Sino-Ocean Land’s stake, for HK$5 each, the company said in a statement on its website on Thursday. It expects to complete the transaction next week.
Sino-Ocean Land shares jumped as much as 16 percent in Hong Kong Monday as insurer Anbang bought 20.5 percent stake of Sino-Ocean Land with HK$7.8 billion ($1 billion) from members of Nan Fung Group Holdings Ltd to become its second-largest shareholder.
After the Monday transaction, Sino-Ocean Land’s biggest shareholder remained to be China Life Insurance Co., which holds a 29.27 percent stake as of June 30, according to the developer’s first-half report released Sept. 15.
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 a Monday filing.
Block trades of 651 million shares combined, or 8.7 percent of the developer’s total shares outstanding, crossed 9:00-9:05 a.m. in Hong Kong prior to the morning trading hour. The trades, at HK$5 per share, reached a total value of HK$3.3 billion.
Sino-Ocean Land rose 1.82 percent to HK$5.03 on Thursday after reaching a four-month high on Monday.
— With assistance by Emma Dong