Greentown China Agrees to Sell Shares to Wharf Holdings - Source
06/08/2012| 12:05am US/Eastern
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By Yvonne Lee
HONG KONG--Chinese property developer Greentown China Holdings (3900.HK) has agreed to sell a stake in the company to Hong Kong-listed conglomerate Wharf (Holdings) Ltd. (0004.HK), a person familiar with the situation said Friday.
The person declined to comment on the size of the stake and the value of the deal.
Shares of Greentown, Wharf and Wharf's parent Wheelock & Co. (0020.HK) were suspended from trading Friday morning. Hangzhou-based Greentown said at the time the suspension was due to an announcement which may involve the issue of securities but didn't give further details.
Wharf, controlled by Hong Kong billionaire Peter Woo, operates property businesses in China and Hong Kong. Its businesses also include pay-television company i-Cable Communications Ltd., fixed-line telecommunications provider Wharf T&T Ltd., and ports operator Modern Terminals Ltd.
Write to Yvonne Lee at yvonne.lee@dowjones.com
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