China-based Country Garden Holdings wants to buy a controlling stake in a suburban-Mumbai residential project run by India's Wadhwa Group. Country Garden, China's third largest builder by sales, is looking to purchase the stake in the 450-acre development at Panvel in Navi Mumbai. The companies have reportedly signed a memorandum of understanding and term sheet for the transaction. According to reports, China has been eyeing up Indian real estate assets as part of its efforts to diversify away from oil and gas imports.
China-based Country Garden Holdings wants to buy a controlling stake in a suburban-Mumbai residential project run by India's Wadhwa Group. Country Garden, China's third largest builder by sales, is looking to purchase the stake in the 450-acre development at Panvel in Navi Mumbai. The companies have reportedly signed a memorandum of understanding and term sheet for the transaction. If the deal goes through, it will be Country Garden's first investment in India.