STAMFORD, CT-Xerox Corp., as part of its ongoing restructuring program, reported it had completed the sale of its China operations to Fuji Xerox Co. Ltd. for $550 million in cash.

ROCHESTER, NY-Home Properties reports that it has entered into a binding contract to sell its affordable housing development operations for more than $16 million in a leveraged buyout transaction with Conifer Realty LLC.

MILFORD, CT-Bayer Corp. has renewed and expanded its tenancy at two buildings on Wheelers Farms Road here where it now occupies 95,500 sf of space for the North American headquarters of its Pharmaceutical Division.

NEW ROCHELLE, NY-New Rochelle Mayor Timothy Idoni has sent a letter to the IKEA furniture retail chain requesting that it study what impact a scaled down version of its 308,000 sf store would have on its development plan.

WHITE PLAINS-Westchester County Executive Andrew Spano reports that the county intends to spend almost $5 million to acquire 16 properties in downtown New Rochelle to develop affordable housing units.

SHELTON, CT-Cushman & Wakefield of Connecticut has been awarded the exclusive leasing assignment for the current home of Philips Medical Systems' North American headquarters. The company is relocating next summer.

WHITE PLAINS-GHP Office Realty of Scarsdale, the owner of Red Oak Corporate Park here, reports it has secured five lease deals totaling nearly 60,000 sf of space at the complex that is now fully occupied.

KINGSTON, NY-A California-based semiconductor firm has leased approximately 27,000 sf of space at the Tech City complex in Kingston and has promised to create as many as 275 jobs in the next five years.