(Yicai Global) Sept. 11 -- Property developer Sino Land Co. [HK:0083] will sell its land assets in Chengdu, Sichuan province to state-owned real estate firm Shenzhen Overseas Chinese Town Co. [SHE:000069] (OTC) for USD1.35 billion (CNY8.77 billion).

The Hong Kong-based group said on Sept. 9 that it signed an equity transfer agreement with OCT affiliate Qunsheng Development Co., selling an 80-percent stake in Sino Land (Chengdu) Co. and transferring the development rights for its real estate projects.

Sino Land Chengdu's main assets are two land plots covering an area of 244,300 square meters in the suburbs of Chengdu. Sino Land bought them in 2007 for USD636.17 million to develop residential buildings, office buildings and hotels. The project started selling properties in 2013 and is in its second phase of construction.

The project's floor area is 1.24 million square meters, per company information. Residential space accounts for 1.12 million square meters. Of the project's 11,300 apartments, 3,915 of them are currently for sale. OTC will develop and sell the remaining ones as well as more than 100,000 square meters of office buildings.

Sino Land was founded by Ng Teng Fong, the former richest man of Singapore. After he died in 2010, his eldest son, Robert Ng, took the company over. The group's land reserves in China, Singapore and Sydney totaled about 3.05 million square meters as of June 30 this year.