Beijing development site sells for $1.7b
Singapore-listed developer GuocoLand has sold a development project in Beijing for $1.69 billion to Beijing-based China Cinda AM. The development site, Guoson Centre Beijing Dongzhimen, totals 26.18 acres, which may be used for office space, retail space, apartments and underground parking. According to Real Capital Analytics, China Cinda has been buying up development sites around the world. In Guangdong, China, the firm and its partner Shanghai Liling Investment paid $711.2 million for the Guangzhou 2015-9 development site. A seller was not identified. In New York City, China Cinda purchased a 65.1 percent stake in the development site located at 610 Lexington Ave. from RFR Realty. The property is valued at $216 million. The project includes 94 residential units. In Chicago, China Cinda purchased from JDL Development a minority share in No. 9 Walton, which will be developed into 67 residential condominiums.