COLI shows ambition with $4.8b Citic land deal

Developer buys the real estate assets of its state-owned peer for $4.8 billion, the largest property deal between two Chinese SOEs. More such M&A could follow.

COLI shows ambition with $4.8b Citic land deal

China Overseas Land Investment took a major step forward in consolidating China’s fragmented property sector on Monday after it agreed to buy Citic Group's land bank in a $4.8 billion deal.

Hong Kong-listed but majority state-owned COLI is buying Citic’s property assets and their associated loans for Rmb31 billion or HK$37.08 billion. It will pay HK$29.72 billion of this by issuing almost 1.1 million in new shares to Citic Group at HK...

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