Soho China (SOHOF.PK) agrees to purchase 50% of a Shanghai commercial site from Greentown China...

|About: Greentown China Holdings... (GTWCF)|By:, SA News Editor

Soho China (SOHOF.PK) agrees to purchase 50% of a Shanghai commercial site from Greentown China (GTWCF.PK) and Shanghai Zendai for $632B - a deal which illustrates the need for cash-strapped Chinese property developers to unload assets at disappointing prices to stronger hands. Off 61% YTD, Greentown has had to fend of recent bankruptcy rumors.