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).

Por BRIAN SPEGELE

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