OREANDA-NEWS. January 12, 2015. CCCG signed an equity acquisition agreement with the majority shareholder and other associated shareholders of Greentown China Holdings Limited (Greentown).

Under the agreement, CCCG will acquire Greentown's 24.288% equity for some 6.013 billion Hong Kong dollars. Following the acquisition, CCCG will share the status of majority shareholder with Wharf Holdings.

At the ensuing press conference, CCCG Chairman Liu Qitao said CCCG is building a better real estate industry chain, Greentown is a pacesetter in the real estate industry, the two sides will join efforts for real estate development at home and abroad with the goal of advantage complementation, and CCCG will pay more attention to Greentown's business fields such as strategic development, overseas operations and industrial extension. He noted that CCCG has successful experience in restructuring state-owned enterprises, rich practice of acquiring foreign companies, a sound corporate governance structure, a mature management and control system, rich experience in transnational management, and a cultural concept similar to Greentown's. The entry into Greentown is long-term strategic investment, CCCG will send outstanding managers to Greentown, and the move will create strategic value for both sides.

Liu stressed that working with Greentown's team to build Greentown is not starting all over again but building a community of fate and making constant improvement. CCCG will bring positive energy to Greentown's development, hopefully Greentown's team will work boldly to create a better future of Greentown, he added.

At the press conference, Liu Wensheng, board secretary and chief economic manager of CCCC, noted that CCCG is very clear about its real estate development strategy and understands Greentown's cultural concept very well. Upon long-term elaborate demonstration, the cooperation has been advanced in an orderly and unhurried manner, he added.

Song Weiping, chairman of Greentown, said CCCG's function to Greentown will be equal to or greater than the function of its original shareholders, and Greentown's management style will be adjusted.

The cooperation is of great significance to enhancing the comprehensive strength of CCCG's real estate business and further accelerating the implementation of the strategy of "five-style CCCC", and will provide new practice of exploring cooperation between state-owned enterprises and private capital in the context of "vigorously developing mixed ownership".