State-owned Chinese developer Grandjoy gets $1.6b facility to fund M&A

State-owned Chinese developer Grandjoy gets $1.6b facility to fund M&A

Shenzhen, China. Photo by Darmau Lee on Unsplash

State-owned Chinese developer Grandjoy Holdings Group Co Ltd said it has signed a 10 billion yuan ($1.57 billion) financing facility with China Merchants Bank to fund acquisitions in the country’s real estate sector.