Greentown China planned to sell a minority stake of about 24 percent to Sunac China, a real estate developer that, like Greentown, is focused on up-scale projects. The companies have already worked collaboratively on several projects. Wharf Holdings, another developer, purchased around 24 percent of Greentown in 2012.
These developments occurred as weakened demand and government restrictions on credit pressured financial results. Greentown China is known for using customer research to understand and meet market needs. As the name suggests, Greentown China attempts to differentiate with projects that combine quality homes, desirable communities and serene settings that emphasize the natural environment.
Net income declined 67 percent to $99 million in the first half of 2014, on revenue that rose 23 percent to $2.0 billion. For the full year 2013, net income increased 3 percent to $795 million on revenue of $4.7 billion, a 16 percent decline. The brand was formed in 1995 and listed on the Hong Kong Stock Exchange in 2006.