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Junson Development agrees to sell Longfor Group shares for HK$3.4B

Silverland Assets Ltd.'s Junson Development International Ltd. agreed to sell a total of 150.0 million shares in Longfor Group Holdings Ltd. for an aggregate consideration of approximately HK$3.41 billion through a share placement.

Junson Development's stake in Longfor Group will be reduced to approximately 23.47% from about 25.99% once the HK22.70-per-share placement is completed, according to a news release.

The Hong Kong-listed property developer also noted in the same release that Silver Sea Assets Ltd.'s Charm Talent International Ltd. increased its shareholding in the real estate company to 44.05% from 43.90% through the HK22.70-per-share acquisition of 8.8 million shares.

Charm Talent now owns 2,617,948,201 Longfor Group shares from 2,609,148,201 shares, following the nearly HK$199.8 million stake buy.