City Developments raises stake in Suzhou Global City Genway to 100%

SINGAPORE (Feb 16): City Developments says wholly-owned subsidiary, Global City International, has acquired an additional 30% stake in Suzhou Global City Genway Properties Co. from Suzhou Industrial Park Genway Housing Development Group Co.

Following the acquisition which was completed on Nov 30, CityDev’s shareholding interest in Suzhou Global City Genway Properties has increased from 70% to 100%.

CityDev says the acquisition was subject to an open market tender in accordance with regulatory requirements and Global City International was awarded the tender at a consideration of RMB550 million ($113.5 million).

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