SUNAC China Holdings Ltd. is considering revising an agreement to purchase a 24 percent stake in Greentown China Holdings Ltd. after the target’s founder rescinded his wish to sell a stake in the developer.

    Sunac, based in Tianjin, has already paid for the shares in order to “make further progress with the acquisition,” it said in a statement to the Hong Kong stock exchange yesterday. The payment was made prior to the completion of the deal at the request of the sellers, it said.

    The agreement for Sunac to buy HK$6.3 billion (US$812 million) in shares from Greentown founder Song Weiping, his wife and the company’s chief executive officer is faltering as Song said the two companies “don’t blend” and he was wrong to sell the stake.

    If completed, Song would lose his position as Greentown’s largest single shareholder.

    Sunac’s payment for the shares ahead of completion was also made to prevent “any negative impact” to Greentown’s operations, the developer said in the statement.

    “Negative” events occurred after Sunac chairman Sun Hongbin took management control at Greentown, Song said in a statement published by news website Jiemian last week, without further elaborating.

    Sunac and Wharf Holdings Ltd., controlled by the family of Hong Kong billionaire Peter Woo, would hold the largest stakes in Hangzhou-based Greentown if the deal completes, according to Barclays Plc. (SD-Agencies)