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Report: Country Garden in talks to buy Guangwu Real Estate

Chinese developer Country Garden Holdings Co. Ltd. is in talks to buy Guangwu Real Estate Group, a company based in the Guangdong province of China, National Business Daily reported Feb. 28.

The report noted Country Garden confirmed the deal, but the deal price and the stake to be acquired by the company remain unclear.

As of Sept. 30, 2017, Guangwu's total asset value sits at about 26.28 billion yuan, according to the report.

On its website, Guangwu said its footprint has expanded to 10 southern Chinese cities, including Guangzhou, Foshan and Haikou, with a land bank of more than 10 million square meters.

As of Feb. 28, US$1 was equivalent to 6.33 yuan.