Shui On Land in talks about selling prime office projects worth 10b yuan
Mainland-focused developer Shui On Land says it is talking to various parties about the sale of two office/retail projects in Shanghai that could fetch as much as 10 billion yuan.
Mainland-focused developer Shui On Land says it is talking to various parties about the sale of two office/retail projects in Shanghai that could fetch as much as 10 billion yuan.
"The negotiations are in the advanced stage and it is hoped a decision will be finalised before the end of June," chairman Vincent Lo Hong-shui said after the company's annual general meeting yesterday.
It is looking to sell phases one and three of Corporate Avenue - next to Shanghai's Xintiandi retail and entertainment area - which include grade-A office and retail space.
Lo said the projects had attracted serious buyers from the mainland and abroad.
They are among several assets under wholly owned subsidiary China Xintiandi, its commercial arm, which is switching focus to managing, designing, leasing, marketing and enhancing investment properties in urban areas on the mainland.
Four years ago Lo was forced to shelve a US$1.5 billion plan to spin off China Xintiandi in a separate listing because of poor market sentiment.
He said yesterday there was no timetable for reviving the spin-off plan and the group had no intention of selling China Xintiandi at a steep discount.
