GIC, HK-based EWD plan to offload over 40% stake in Shanghai developer: Report

GIC, HK-based EWD plan to offload over 40% stake in Shanghai developer: Report

Time lapse photography of crowded people on mall grounds. Source: Dieter de Vroomen/Unsplash

Singapore’s sovereign wealth fund GIC and Hong Kong-based real estate company Edward Wong Development Company (EWD) are planning to offload significant stakes in Shanghai-based Chongbang Group, according to market sources cited by private real estate-focused publication PERE.