Hong Kong investor buys land to develop Chinese mall
Hong Kong–based Century Ginwa Retail Holdings has entered into an agreement with Shanghai-based Shanghai Xinsi Investment Consulting Co. to develop the Xi’an Center in Xi’an, China. The buyer, Century Ginwa Retail Holdings, agreed that, upon the completion of the development of the property, it will purchase the property for an aggregate consideration of RMB 1.65 billion ($286.7 million). The project is located at the Xi’an Hi-tech Industries Development Zone of Xi’an and is one of the key commercial developments in Xi’an. The development will comprise office buildings, service apartments and commercial properties with an aggregate gross floor area of approximately 3.77 million square feet, of which approximately 743,366 square feet will be retail space and 457 car parking spaces. The construction work is expected to take place between mid-2016 and early 2018.