Road King acquires Sunco

Road King Infrastructure Limited, a Hong Kong-listed company, acquired a further 39.74 percent of Beijing-based Sunco Property for 1.3 billion yuan after buying a 55 percent stake in the firm last September, Sunco confirmed yesterday.

"We've signed a deal with Road King, under which Road King will take over 94.74 percent of Sunco's shares when all the agreed options are cashed in," said Yang Sen, head of Sunco's public relations division.

Sun Hongbin, the founder of Sunco, will retain the remaining 5.26 percent stake.