July 10 (NBD) -- Chinese real estate developer China Fortune Land Development Co Ltd ("CFLD", 600340.SH) announced Tuesday its controlling shareholder China Fortune Land Development Holding Co Ltd will transfer 582 million shares of the listed company to Ping An Asset Management Co Ltd for 13.77 billion yuan (2.1 billion U.S. dollars).

Upon the completion of the deal, the stake China Fortune Land Development Holding and the party acting in concert hold in CFLD will decrease to 42.67 percent from previous 62.37 percent and Ping An Asset Management will hold a 19.88 percent stake in the real estate company.

Email: zhanglingxiao@nbd.com.cn