PE-Backed Greenland To List In Shanghai Through Asset Swap

Shanghai-based state-controlled property developer Greenland Holding Group Co. plans to list on the Shanghai Stock Exchange through an asset swap with Shanghai-based real estate company Jinfeng Investments, according to media reports.

Greenland and Jinfeng are both controlled by Shanghai Real Estate Group, which is owned by the Assets Supervision and Administration Commission of the Shanghai Municipal Government.

Greenland will inject assets worth RMB65.5 billion ($10.6 billion) into Shanghai-listed Jinfeng in exchange for 11.3 billion new Jinfeng shares at RMB5.64 apiece.

At the end of last year, five private equity firms including Shenzhen Pingan Innovation Venture Capital, CDH and SDIC Beijing Innovation acquired a 15.27% stakes in Greenland for RMB8.89 billion.

The asset swap is pending the approval of shareholders and the China Securities Regulatory Commission.

Founded in 1992, Shanghai Greenland’s businesses cover real estate development, energy, financial services, construction and automobiles.

Founded in 1998, Jinfeng Investment provides real estate sales, rental, evaluation, and other related services.