China Resources to pay $350 mln for land bank buy

HONG KONG, Nov 21 (Reuters) China Resources Land Ltd. said it would pay HK$2.73 billion (US$350 million) to add to its land bank in China's Beijing and Chengdu.

The Hong Kong-listed company said in a statement it would buy from its major shareholder, China Resources (Holdings) Co. Ltd., the entire issued share capital of a firm that holds interests in two development sites in Beijing and Chengdu.

China Resources said HK$1.2 billion would be settled through the issue of new shares and the remaining HK$1.53 billion would be paid in cash.

Trading in shares of the company, which was suspended on Monday, will resume on Tuesday.

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