Wednesday, December 31, 2008

Greentown denies taking stake in Japanese real estate fund

Mainland property developer Greentown China Holdings Ltd<3900> Sunday denied a media report that it was buying a stake in the Japanese real estate fund Pacific Holdings.
The company said in a statement that the report was untrue, adding it has not made any investment in the Japanese company.

A Japanese newspaper reported on Friday that Greentown China, along with other nine Chinese property firms intended to take a controlling stake in Pacific Holdings for about US$520 million.

Debt-ridden Pacific Holdings had said last month it would issue common and preferred shares by February to several Chinese real estate firms, but without giving any company names.

Reportedly, Greentown would acquired 15% of the preferred shares, another firm would subscribe 20%, while the other firms will split the remaining shares nearly equally.

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