The buyout house initially bought into Sunac alongside Deutsche Bank in a $97m in 2009.
IFR Asia reported the sale of 120 million shares was priced at the top end of the indicative price range of HK$4.42 to HK$4.50, following shares hitting a 52-week high on Tuesday.
Bain will continue to hold about 60 per cent of its investment in Sunac according to the Wall Street Journal.
It said the sell down of Sunac shares was the second by a private equity firm within a week following CDH investments parting with 130 million shares.
Sunac, an integrated residential and commercial property developer, has engaged in project development in the Bohai-rim, South Jiangsu and Chengdu-Chongqing regions of China.
In September Bain was among buyout investors to sell AMC Entertainment, the US theatre operator, to Chinese conglomerate Wanda in a $2.6bn deal – the largest-ever takeover of a US business by a Chinese firm.
The deal makes Wanda the world’s largest cinema operator, and will also see the Beijing-based business pump an additional $500m into AMC.
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