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Beijing developer expands in Shanghai
By Cao Qian |
April 2, 2011, Saturday
|
Print Edition
Print Edition
BEIJING-BASED real estate developer SOHO China will acquire a land plot in the Caojiadu area of Shanghai for 1.634 billion yuan (US$249.5 million).
The deal involving a 14,832-square-meter plot is the fifth major purchase in the city by SOHO China since August 2009.
Located on Wanhangdu Road and currently owned by Shanghai Jing'an Real Estate (Group) Co, the mixed development will have a developable space of 81,000 square meters, consisting of apartments and office and retail spaces.
"At the conjunction of Jing'an, Changning and Putuo districts with a daily foot traffic of more than 1.2 million, Caojiadu is destined to grow into the largest commercial hub in northwest Shanghai within the coming few years," said Pan Shiyi, chairman of the developer.
"The acquisition perfectly fits our corporate strategy which has been particularly focusing on the development of upscale commercial properties in prime locations in Beijing and Shanghai."
SOHO China, whose previous operations were mainly confined to Beijing, has been expanding its portfolio in Shanghai and has secured projects on Nanjing Road W., the Bund, the Hongqiao area and Huaihai Road M.
SOHO China has said it will make acquisitions worth a total of 15 billion yuan this year, and in the long run Beijing and Shanghai would each take half of the Hong Kong-listed company's overall investment.
The deal involving a 14,832-square-meter plot is the fifth major purchase in the city by SOHO China since August 2009.
Located on Wanhangdu Road and currently owned by Shanghai Jing'an Real Estate (Group) Co, the mixed development will have a developable space of 81,000 square meters, consisting of apartments and office and retail spaces.
"At the conjunction of Jing'an, Changning and Putuo districts with a daily foot traffic of more than 1.2 million, Caojiadu is destined to grow into the largest commercial hub in northwest Shanghai within the coming few years," said Pan Shiyi, chairman of the developer.
"The acquisition perfectly fits our corporate strategy which has been particularly focusing on the development of upscale commercial properties in prime locations in Beijing and Shanghai."
SOHO China, whose previous operations were mainly confined to Beijing, has been expanding its portfolio in Shanghai and has secured projects on Nanjing Road W., the Bund, the Hongqiao area and Huaihai Road M.
SOHO China has said it will make acquisitions worth a total of 15 billion yuan this year, and in the long run Beijing and Shanghai would each take half of the Hong Kong-listed company's overall investment.
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