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'White Knight' sheds tears for troubled tech conglomerate LeEco's founder

Chinese developer Sunac eyes domestic consumption amid land sales curb

Sunac China Holdings Chairman Sun Hongbin speaking to the media in Hong Kong on Sept. 1 (Photo by Yasuo Awai)

HONG KONG -- In the first eight months of this year, Tianjin-based property developer Sunac China Holdings has more than doubled its acquisitions by value compared to the whole of 2016, splashing nearly $10 billion on nine transactions, data from Dealogic shows. But aside from the need to diversify from China's overheated real estate sector, which is subject to frequent government intervention, some deals appear to have been struck for sentimental reasons.

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