Chinese Developer Landsea Buys $111M Majority Stake In Rival

Law360, New York (June 18, 2013, 7:03 PM EDT) -- Chinese green real estate company Landsea Group Co. Ltd. on Tuesday said it has agreed to buy a majority stake in fellow developer Shenzhen High-Tech Holdings Ltd. for HK$863.1 million ($111.2 million) through a share purchase agreement with Shenzhen High-Tech’s controlling shareholder.

Landsea’s subsidiary Greensheid Corp. has entered into an agreement to buy 1.26 billion shares in Shenzhen High-Tech, which represents about 63.4 percent of the company’s entire issued shared capital, for HK$0.685 per share, a premium of over 67 percent of the closing price of...
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