SINGAPORE (Apr 15): City Developments (CDL) announced Wednesday it has just acquired 51.01% joint controlling interest in China’s Sincere Property Group for an initial investment of RMB 4.39 billion ($0.88 billion).

The deal now makes CDL the single largest shareholder in Sincere Property, an established real estate developer in China. It also places CDL in a good position to deepen its presence in the Middle Kingdom.

Following the acquisition, Sincere Property’s chairman and founder, Wu Xu, will see his stake reduce from 60% to 29%, while Greenland Holdings Group Co, a prominent developer in China, will see its shareholding decrease from 40% to 19.99%.

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