Chinese developer Future Land looks set for privatisation
Future Land Development, a Chinese property developer listed in Hong Kong, requested a trading halt on Monday pending an announcement related to a possible privatisation of the company.
Based in Shanghai, the developer went public in Hong Kong in 2012 and also has a listed subsidiary, Future Land Holdings, in Shanghai.
The company has developed residential and commercial projects in 26 Chinese cities, mostly in the Yangtze River Delta, such as Shanghai, Nanjing, Changzhou, Suzhou and Hangzhou.
In the first six months of 2017, the company achieved contracted sales of 49 billion yuan, a 75 per cent increase from the same period a year earlier.
Future Land’s shares closed at HK$2.81 on Friday in Hong Kong.