China? Evergrande Real Estate Group Ltd has agreed to buy mainland property assets, including hotels, in cities including Shanghai and Beijing from the empire of Hong Kong tycoon Cheng Yu-tung for 20.4 billion yuan (US$3.2 billion).
Evergrande will buy a 60 percent stake in a commercial and residential development in Sichuan province and a project comprising hotel, residential and office buildings in Guizhou province from New World China Land Ltd, which is controlled by Cheng, for 7.3 billion yuan.
Tycoon sells US$3.2 billion of China real estate
