Hines buys Jing’an parcel for US$604m

By Cherry Cao | August 2, 2013, Friday |

Online Edition

Hines, a privately held real estate firm based in the United States, has won a land plot in Jing'an District in downtown Shanghai after beating its Chinese counterpart SOHO China.

The US developer agreed to pay 3.706 billion yuan (US$604 million), or 27,256 yuan per square meter, for the 17,937-square-meter site, which has a starting price of 3.4 billion yuan.

SOHO China, the other candidate which submitted a price of 3.7 billion yuan, was keen to win the bidding as the country's leading commercial property developer remains ambitious to expand its presence in Shanghai, one of its two major markets.

As planned, the Jing'an development will comprise 134,000 square meters of office and 22,000 square meters of retail, Hines said today on its official website.

Real Estate

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Hines buys Jing’an parcel for US$604m

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