South China Morning Post
Nan Fung Group, one of the largest privately owned developers in Hong Kong, is acquiring the controlling stake in a property trust focused on commercial property development on the mainland, signalling its determination to expand across the border.
Singapore-listed Forterra Trust yesterday announced Nan Fung and its affiliates had agreed to acquire 29.98 per cent of Forterra Trust for S$2.98 per unit, in a deal running into more than S$203 million (HK$1.25 billion). It has also agreed to buy 100 per cent of Oriental Management Services for about £17.47 million (HK$206.7 million).
Oriental Management is the parent company of Forterra Real Estate, the trustee manager of Forterra Trust, and Treasury Holdings (Shanghai), the property manager of Forterra Trust.
Shares in Forterra Trust jumped 35 per cent to close at S$2.20 yesterday.