Shanghai-based property developer Greenland Group will purchase HK$3 billion ($386.6 million) worth of an additional issue of Hong Kong-listed SPG Land Holdings Ltd to become its controlling shareholder, sources said.

An agreement was signed between the two parties on Wednesday. After the deal, Greenland will hold a 60 percent stake of the Hong Kong-listed company and the latter will change its name to Greenland Hong Kong Holdings Ltd.

Greenland has longed for a capital platform. Zhang Yuliang, president and chairman of Greenland, said the Shanghai municipal government expected an overall listing of Greenland. But without the approval from the central government, Greenland has to make part of its assets listed on the Hong Kong platform.

Greenland Group currently owns more than 60 hotels. Its 20 billion yuan ($3.26 billion) assets are scattered across 18 provinces and 35 cities nationwide. It has also developed overseas projects in South Korea and Australia's Sydney and Melbourne.

Public information shows Greenland generated 243 billion yuan revenue in 2012, a 39 percent year-on-year growth. Its revenue from the property sector reached 105 billion yuan, surging 38 percent from 2011.