HONG KONG : State-owned Chinese developer Grandjoy Holdings Group Co Ltd said it has signed a 10 billion yuan ($1.57 billion)financing facility with China Merchants Bank to fund acquisitions in the country's real estate sector. State-owned property firms are expected to acquire more assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over a crisis-hit sector that accounts for a quarter of its economy.