JV sells Chinese mixed-use project for nearly $3b
Cheung Kong Property Holdings and its partner the Li Ka Shing (Overseas) Foundation have sold their combined 100 percent stake in the Century Link complex in the Lujiazui district of Pudong, China, for $2.95 billion.
The new owners include majority shareholder China Life Insurance Group, with the minority stake held by closed-end funds managed by ARA Fund Management, in which CK Property owns 7.8 percent. The purchaser, known as Mapleleaf Century, will be managed by ARA Fund Management.
Century Link, which totals 2.9 million square feet, comprises two 34-story towers and a six-story shopping center. It opened its first 695,133 square feet office tower for occupancy during the second quarter of this year.
China Life has made several billion-dollar property investments around the world. The transaction follows China Life’s