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Developer profits from selling 2 city projects
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SOHO China Ltd has agreed to sell two of its projects in Shanghai to Shenzhen-listed Financial Street Holding Co for 5.23 billion yuan (US$851 million).
The Beijing-based developer acquired the two projects, located in Jing’an District and Hongkou District, in April 2011 for a combined 4.1 billion yuan as it aggressively expanded in Shanghai.
The developer’s “selling of the two projects is in line with the company’s strategy to acquire more high-quality Grade A office buildings in core locations in Beijing and Shanghai,” SOHO China said in a statement yesterday.
“It remains our long-term strategy to hold high-quality assets in prime locations in Beijing and Shanghai while we will keep optimizing our portfolio by unloading some of our projects located in comparatively less core locations,” said Pan Shiyi, chairman of SOHO China.
“Meanwhile, we will continue to look for trophy assets and purchase them at appropriate time as we seek balanced operations in Beijing and Shanghai.”
By buying the two projects, Financial Street will expand operations for future growth, it said yesterday in a filing to the Shenzhen Stock Exchange.
In August 2012, SOHO China said its strategy would shift from the “build and sell” model to “build and hold” as it expects rent and value of prime office buildings in Beijing and Shanghai to grow robustly.
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