State-owned companies agree to massive property deal


China Overseas Land & Investment is to expand the presence of its property assets across China by inking an agreement to purchase a large-value property portfolio from CITIC Group, at a time when the government aims to stimulate the real estate market and clear a glut of unsold houses in lower-tier cities.

PropertyChina Overseas is a Hong Kong-listed company and a subsidiary of China State Construction Engineering Corporation. CITIC is one of China’s largest state-owned conglomerates.

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