To attract overseas funds becomes a main option for many domestic real estate developers to alleviate their capital pressure and diversify investment risks in the changing inland real estate market. SPG Land (Holdings) Limited (SPG) announced on June 2 that it sold 40% stake of its Suzhou project to a subsidiary of Harvest Capital for RMB284M.

The Suzhou project is Suzhou Runjian Land Co., Ltd which is developing a comprehensive project sized at about 14,893 square meters, including serviced apartments, luxury apartments, buildings, and shopping malls. After this deal, SPG acquired RMB55-60M proceeds, to support the existing projects and acquire future projects.