Home » Business » Real Estate
Mori sells 5 floors of tallest tower
Source: Bloomberg News |
April 22, 2011, Friday
|
Print Edition
Print Edition
MORI Building Co, owner of China's tallest building, said it sold five floors of the property and may offer more in the tower following demand from investors.
Japan's biggest privately held developer said it sold the 68th to 72nd floors of the 101-story Shanghai World Financial Center. The 16,248-square-meter space was sold at an average price of 82,142 yuan (US$12,588) per square meter, according to information from the government-run Shanghai Real Estate Trading Center, which tracks property transactions.
Mori's value per square meter is the highest for China's office space after the Shanghai Port International Cruise Terminal's record price in the second half last year, according to Cushman & Wakefield Inc. The property brokerage said the city's prime office rents rose 23 percent in the first quarter, while Colliers International Research said this week Shanghai's 37.5 million square feet of office space being built at the end of 2010 was the most among 50 cities worldwide.
"We have been very stubborn not to sell, but we found some clients who wanted to buy higher floors," Michiho Kishi, spokesman for Mori's unit that manages the building, said in an interview yesterday, declining to comment on the price. "We didn't face financial difficulties but it may be better to collect some fresh cash as we prepare for future businesses."
Many buyers approach Mori for more space in the building, he said. The property is 90 percent filled, leaving the company with "not so many" floors to sell, Kishi said.
"It is unusual for a landmark building to change hands in portion but not in bulk, because it'll be hard to control the quality of small owners" said Jack Ye, director of investment for Cushman & Wakefield in China. "If they are aiming for cash, they could have chosen to sell shares of the building."
The buyers can't sell or lease the space without Mori's nod for seven years, said Kishi.
Japan's biggest privately held developer said it sold the 68th to 72nd floors of the 101-story Shanghai World Financial Center. The 16,248-square-meter space was sold at an average price of 82,142 yuan (US$12,588) per square meter, according to information from the government-run Shanghai Real Estate Trading Center, which tracks property transactions.
Mori's value per square meter is the highest for China's office space after the Shanghai Port International Cruise Terminal's record price in the second half last year, according to Cushman & Wakefield Inc. The property brokerage said the city's prime office rents rose 23 percent in the first quarter, while Colliers International Research said this week Shanghai's 37.5 million square feet of office space being built at the end of 2010 was the most among 50 cities worldwide.
"We have been very stubborn not to sell, but we found some clients who wanted to buy higher floors," Michiho Kishi, spokesman for Mori's unit that manages the building, said in an interview yesterday, declining to comment on the price. "We didn't face financial difficulties but it may be better to collect some fresh cash as we prepare for future businesses."
Many buyers approach Mori for more space in the building, he said. The property is 90 percent filled, leaving the company with "not so many" floors to sell, Kishi said.
"It is unusual for a landmark building to change hands in portion but not in bulk, because it'll be hard to control the quality of small owners" said Jack Ye, director of investment for Cushman & Wakefield in China. "If they are aiming for cash, they could have chosen to sell shares of the building."
The buyers can't sell or lease the space without Mori's nod for seven years, said Kishi.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
