Transactions - FEBRUARY 22, 2021

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CDL eyes majority stake in Shenzhen tech park

by Kali Persall

City Developments Ltd. (CDL) is planning to acquire an 84.6 percent combined interest in Shenzhen Tusincere Technology Park Development Co. from Sincere Property Group — its joint venture investment in China — and two entities of China Ping An.

CDL has agreed to pay RMB 850 million ($131 million) for the asset.

Spanning 192,739 square meters (2 million square feet), the site was acquired in 2015 and consists of 70 percent office space, 20 percent SOHO apartment space, 10 percent retail/other, as well as 4,887 parking spaces. The project is being developed in four phases. Phase 1 has already reached completion, with Phases 2 and 3 currently under construction. They are expected to be completed in April 2022, while Phase 4 has not yet commenced construction.

This marks CDL’s first major corporate action since forming a special working group to improve liquidity of Sincere Property. Following the transaction, Sincere Property will continue to hold the balance

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