Real Estate - DECEMBER 2, 2015

Hong Kong investor buys stake in Beijing development project

by Andrea Waitrovich

Hong Kong–based Joy City Property Ltd., through its subsidiary Xidan Joy City, has acquired a 35 percent stake in Beijing Kunting Assets Management Co.  — which is responsible for the development of the Andingmen Project in Beijing — from controlling shareholder COFCO Corp. for HK$690 million ($89.1 million). Kunting Assets Management Co. will retain the remaining 65 percent.

Beijing Kunting Assets Management was principally engaged in management and development of the Andingmen Project. The development project will be completed in 2017.

The Andingmen Project is located in the prime area adjacent to the Second Ring Road in Dongcheng District of Beijing and is at the preliminary stage of construction. In consideration of the strategic location and enormous potential of the Andingmen Project, it is expected to achieve better financial return upon completion of the project.

Earlier this year, Joy City acquired a 50 percent stake in a six-acre site in Shanghai for $192.8 million. The total property value of the development site was approximately $385.7 million. And in February, Joy City acquired 18 acres in Hangzhou for $399.97 million.


Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy