Chinese Property Developer Snaps Up Texas Oil Fields
PHOTO: SPENCER PLATT/GETTY IMAGES
BEIJING—A little-known Chinese real-estate developer says it is scooping up oil assets in West Texas as part of a billion-dollar deal that underscores China’s keen interest in the U.S. energy patch.
Shanghai-listed Yantai Xinchao Industry Co. said in a securities filing Saturday that it was acquiring oil properties in West Texas as part of a deal to buy an investment company called Ningbo Dingliang Huitong Equity Investment Center. Yantai Xinchao valued the overall deal at 8.3 billion yuan ($1.3 billion).