Sino-Ocean Land has agreed to sell a nearly 17 percent stake of the Chinese developer at HK$5.8 billion ($748 million) to China Life, the country's largest life insurer.
The deal will see China Life buying 934 million new Sino-Ocean Land shares for HK$6.23 per share. The price represents an 8.4 percent discount from Sino-Land's last trading price of HK$6.80.
China Life will become one of the major shareholders, after China Ocean Shipping Group.
Sino-Ocean shares rose as much as 8.8 percent to a two-week high of HK$7.40 on Monday. China Life shares climbed 1.2 percent.
