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Firm posts profitable strata sales
By Cao Qian |
January 22, 2010, Friday
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SOHO China, which acquired a premium office tower in Shanghai from Morgan Stanley Real Estate last August, is expected to profit substantially from its first investment deal in the city as strata title sales of the building have been strong, the Beijing-based developer said yesterday.
As of yesterday, the company had already booked sales of about 1.3 billion yuan (US$190 million) after selling just one-third of the 52-story skyscraper on Nanjing Road W., Pan Shiyi, chairman of SOHO China, said in Shanghai.
The company bought the 80,510-square-meter tower, now renamed SOHO Donghai Plaza, from Morgan Stanley on August 18 for 2.45 billion yuan, marking its entry into the city's commercial real estate market.
Pan said that ''the positive market response we've received in this project so far has proven that commercial properties in prime locations in gateway cities remain the safest investment.''
The firm said earlier it aimed to sell the whole building by the end of 2010 for an expected 4 billion yuan.
As of yesterday, the company had already booked sales of about 1.3 billion yuan (US$190 million) after selling just one-third of the 52-story skyscraper on Nanjing Road W., Pan Shiyi, chairman of SOHO China, said in Shanghai.
The company bought the 80,510-square-meter tower, now renamed SOHO Donghai Plaza, from Morgan Stanley on August 18 for 2.45 billion yuan, marking its entry into the city's commercial real estate market.
Pan said that ''the positive market response we've received in this project so far has proven that commercial properties in prime locations in gateway cities remain the safest investment.''
The firm said earlier it aimed to sell the whole building by the end of 2010 for an expected 4 billion yuan.
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