Sunac China Holdings, a property developer, has agreed to pay 12.5 billion yuan ($1.83 billion) for two parcels of land in Beijing and Shanghai owned by rival Oceanside Holdings.
The acquired parcels of land include a 752,000 square meters of land in northeast Beijing’s Central Business District and 120,300 square meters in Shanghai’s Huangpu District.
The move will further expand Sunac’s land reserve and market share in Beijing and Shanghai urban areas.
Sunac China Holdings said that its unit, Sunac Real Estate, will acquire 100 percent of Oceanwide Construction Holdings, a unit of Oceanside.