Greenland Group Completes Takeover Of Chinese Super League's Shanghai Shenhua
Real estate group Greenland Group has officially announced the completion of its takeover of Chinese Super League side Shanghai Shenhua and has "signed an agreement to acquire all the club’s assets," according to Cameron Wilson of WILD EAST FOOTBALL. Due to the timing of the announcement on Chinese New Year’s eve, Greenland Group "did not release any details of the deal, stating only that more information would be forthcoming in due course." A deal brings to an end Shanghai Shenhua Owner Zhu Jun’s "chaotic and shambolic seven year reign." According to media reports, however, the five state-owned enterprises paid Zhu Jun around 200M RMB ($32.5M) for his 28.5% stake in the club and his operational rights. Greenland "will now become Shenhua’s holding company" (WILD EAST FOOTBALL, 1/30).