A unit of Singaporean hotel and resort operator Banyan Tree Holdings Ltd. agreed to sell an 18.6% stake in Banyan Tree Assets (China) Holdings Pte. Ltd. to China Vanke Co. Ltd. unit Tritonia Co. Ltd. for about S$78.6 million in cash.
Following the sale, Banyan Tree China Pte. Ltd. will keep a 4.2% stake in Banyan Tree Assets (China). It may sell up to 99% of the remaining stake on or after eight years from the Nov. 20 date of the share purchase agreement.
In April, another unit of China Vanke abandoned an earlier plan to subscribe for new Banyan Tree shares. However, the Chinese property developer confirmed at that time that it still intended to build a hotel management platform in China with Banyan Tree.
As of Nov. 22, US$1 was equivalent to about S$1.37.