SG-listed CDL buys majority stake in Shenzhen tech park to shore up Chinese JV
February 23, 2021
Singapore-listed property developer City Developments Ltd (CDL) has entered into agreements to acquire a majority stake in Shenzhen technology park from Sincere Property Group and two entities of China Ping An. Sincere Property is its joint venture investment in China.
CDL said in a statement that it has acquired a total of 84.6% equity interest in Shenzhen Tusincere Technology Park Development Co. Ltd, the holding company, for 850 million yuan ($131.52 million) and will assume the existing shareholders’ loans proportionately. Sincere Property will continue to hold the balance 15.4% equity interest in the holding company.