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China Investment Development in talks to buy stake in consumer finance company

A unit of China Investment Development Ltd. is in exclusive talks to acquire a stake in a China-based consumer finance company.

In its Dec. 28 statement, China Investment Development did not disclose names of the consumer finance company and its two owners. It added that the target company provides consumer financial services to owners of motor vehicles in China.

The Hong Kong-headquartered company said its unit Global Oasis Corp. Ltd. signed a non-legally binding memorandum of understanding with the owners of the company on Dec. 28 after trading hours. The exclusivity period will run from Dec. 28 to June 27, 2019.

The company said the transaction may or may not proceed.