Sunac agrees to buy seven properties from Top Spring for HK$5.22 billion
Properties are on the mainland.
Shares of Sunac China rose 2.6 per cent on Friday after it said it would buy seven properties on the mainland for a total of HK$5.22 billion.
The company’s shares traded at HK$4.71 as of 11 am.
In a filing to the Hong Kong stock exchange on Thursday, it said it has signed a framework agreement to buy Top Spring International Holdings’ property projects in six mainland cities including Shanghai, Hangzhou and Shenzhen.
“Sunac China has always insisted on a regionally-focused development strategy and has laid out its strategic plan in the core first- and second-tier cities on the mainland,” Chairman Sun Hongbin said in the statement.
“The transaction will enable Sunac Group to enter the Shenzhen property market, which has good long-term prospects and huge development potential,” he said.
At the same time, the company’s other property projects have enabled it to increase land holdings and market share in first- and second-tier cities, he said.