Property developer Greentown China Holdings Ltd said State-owned China Communications Construction Group (CCCG) is buying a 24.29 percent stake in it for about $775 million, days after a planned stake sale to another firm failed.

CCCG, the controlling shareholder of China Communications Construction Co, has agreed to buy a total of 524.85 million shares from three Greentown shareholders, including Shou Bainian, Song Weiping and Xia Yibo, at HK$11.46 ($1.48) each, Greentown said in a filing to the Hong Kong bourse on Wednesday.

The shareholding of Wharf (Holdings) Ltd in Greentown will remain unchanged at 24.29 percent on completion of the deal with CCCG.