Ctrip buys stake in Shanghai office for $497m
Real estate developer Soho China Investment Co. has sold an undisclosed stake in 1.08 million square feet and certain auxiliary facilities in the Sky Soho office property in Shanghai for 3.05 billion yuan ($497 million).
The buyer is Ctrip.com International, a travel service provider in China, through Ctrip Travel Network Technology, one of its wholly owned subsidiaries, and other affiliates of the company.
Soho China will continue to hold the remaining part of the 12-story Sky Soho. It purchased the development site in 2010 for $430.4 million.
The firm has been actively selling its developed assets. Earlier this year, Soho China Investment Co. signed an agreement with Financial Street Holdings Co., a developer of Beijing’s central business area, to sell its entire equity stake in Soho Hailun Plaza and related loans as well as Soho Jing’an Plaza for about 5.23 billion yuan ($853 million).