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SOHO inks 2nd city deal
By Cao Qian |
April 20, 2011, Wednesday
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SOHO China, a major real estate developer in Beijing, has acquired a 28,103-square-meter land plot in Shanghai's Hongkou District from two domestic companies - its second purchase in the city this month.
The parcel, located around Hailun Road station of Metro Line 10 and designated for commercial and office uses, was sold for 2.47 billion yuan (US$378 million) to the Beijing developer, SOHO China said yesterday.
This is the second acquisition completed by SOHO China in Shanghai in April and the sixth major deal sealed by the company in the city since it first tapped the local commercial real estate market in August 2009.
"In less than two years SOHO China has invested more than 12 billion yuan in Shanghai in six commercial projects, all in strategic locations, including Nanjing Road W., the Bund and Huaihai Road," said Pan Shiyi, chairman of SOHO China. "We will probably continue to seek investment opportunities in the city, which is set to become an equally important market for us in addition to our home base Beijing."
On April 1, the Hong Kong-listed company announced it agreed to purchase a 14,832-square-meter land parcel in Caojiadu area for 1.634 billion yuan.
The company earlier said it plans to make acquisitions worth a total of 15 billion yuan this year.
The parcel, located around Hailun Road station of Metro Line 10 and designated for commercial and office uses, was sold for 2.47 billion yuan (US$378 million) to the Beijing developer, SOHO China said yesterday.
This is the second acquisition completed by SOHO China in Shanghai in April and the sixth major deal sealed by the company in the city since it first tapped the local commercial real estate market in August 2009.
"In less than two years SOHO China has invested more than 12 billion yuan in Shanghai in six commercial projects, all in strategic locations, including Nanjing Road W., the Bund and Huaihai Road," said Pan Shiyi, chairman of SOHO China. "We will probably continue to seek investment opportunities in the city, which is set to become an equally important market for us in addition to our home base Beijing."
On April 1, the Hong Kong-listed company announced it agreed to purchase a 14,832-square-meter land parcel in Caojiadu area for 1.634 billion yuan.
The company earlier said it plans to make acquisitions worth a total of 15 billion yuan this year.
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