China Overseas Buys Citic's Property Assets for $4.8 Billion

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  • China Overseas will sell 1.1 billion shares at HK$27.13 each
  • Sale will leave Citic with a 10% stake in China Overseas

China Overseas Land & Investment Ltd. said it will buy the Chinese residential property assets held by Citic Ltd. for about 31 billion yuan ($4.8 billion) as it expands its presence across the nation’s cities amid surging land prices.

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