By WANG Tingting
Much-troubled real-estate developer Country Garden, one of only two shareholders in Guangzhou Asian Games City, is selling its 27-percent stake to China Overseas Land and Investment – the other shareholder - for around 1.3 billion yuan (US$ 180 million).
Country Garden’s decision to exit the project is due to liquidity pressure.
This deal gives China Overseas full control over the massive project. The games city covers 5.8 square kilometers, making it the largest mixed-use commercial and residential complex in Guangzhou.
This project dates back to 2009 when three companies - Guangzhou R&F, Agile Group and Country Garden - formed a consortium and won the bid with 25.5 billion yuan.
China Overseas, initially left out of the project, acquired a stake in the project in 2010 and gradually became the major shareholder, ultimately leading to this full acquisition.
