Sino Land Co has joined forces with three companies to ease the financial burden of developing the massive Siu Sai Wan site in Chai Wan that it bought for $11.82 billion in March.
China Everbright Holdings, the privately run Vicwood Group and Sun Chung Estate - the property arm of the Bank of China - have agreed to take stakes in the development.
Sino Land yesterday confirmed the company and its controlling shareholder - the family of chairman Robert Ng Chee Siong - would sell a total of 20 per cent of the project to the three companies.
The project was originally equally owned by Sino Land and Mr Ng's family.
Sino Land said the Ng family would sell a 10 per cent stake of the joint-venture development vehicle, Silver Link Investment, to Sun Chung, while Sino Land would sell 10 per cent to Vicwood and China Everbright.
Following the sale, Sino Land and the Ng family would each own 40 per cent of the project.
