On May 22, Sunac China Holdings Ltd. spent HK$ 6.298 billion to get a 24.31 percent stake in Greentown China Holdings Ltd. from Song Weiping and several other shareholders.

Song, 52, still owns 10 percent of Greentown, which he founded in the eastern city of Hangzhou.

He said at a May 23 press conference that the government has played too large a role in his industry.

"Buyers and sellers should have the right to trade freely in the market," he said. "However, after the government took measures in 2005, 2008 and 2010, the home market has been deformed, and it is no longer a market."

Song said government polices have cut the company's number of potential buyers by two-thirds in the past two years.