Hong Kong-listed Chinese developer Shimao Property Holdings said it will buy a 64.2% stake in its Shanghai-listed subsidiary, Shanghai Shimao,  in exchange for 11 commercial and retail properties, the Shanghai Business Journal reported. Under the agreement, which is valued at US$1.01 billion (RMB7.59 billion), the Shanghai-listed subsidiary will issue 630 million new A-shares to Shimao Property at a 50% discount from Monday’s ...