New World China Land Ltd. has signed an agreement to sell property projects in the Chinese cities of Guiyang and Chengdu to Evergrande Real Estate Group Ltd. for a total 7.3 billion yuan ($1.1 billion), New World China Land said in a statement to the city’s stock exchange. In a separate statement, Evergrande said it will buy five developments from Chow Tai Fook Enterprises Ltd., which is controlled by the family of billionaire Cheng Yu-Tung. New World China Land is a unit of New World Development Co., also controlled by Cheng.
Source: Bloomberg.comEvergrande Buys New World China Projects for $1.1 Billion
Industry: Other 2015-12-29
