In a complex deal, Chinese property developer SPG Land plans to reduce its debt with the sale of a 60% stake to leading Chinese state-owned property firm Greenland Holding, and raise cash from the disposal of its 50% interest in Shanghai’s Peninsula hotel.
Greenland, through its wholly-owned subsidiary Gluon Xima, will pay HK$3 billion $387 million for new shares in SPG for a 60% holding. Prior to the sale David Wang, SPG’s departing chairman, will pay HK$1.3 billion $168 million for the Shanghai-based developer’s 50% stake in the Peninsula hotel, according to a filing to the Hong Kong stock exchange late on Wednesday.
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