K Wah International Holdings JV pays $515m for mixed-use site in Shanghai

K Wah International Holdings teamed with two state-owned partners in a government land sale to purchase a mixed-use site in Shanghai’s Xuhui district for the reserve price of RMB 3.73 billion ($518.6 million), according to a stock exchange announcement.

The partners plan to build a 195,800 square meter (2.1 million square foot) complex. It will consist of residential (47,715 square meters/513,600 square feet), office (88,875 square meters/956,643 square feet), retail (9,250 square meters/99,566 square feet), and hotel (50,000 square meters/tk square feet) spaces, according to the terms of the land sale.

The Xuhui District is home to the Shanghai Botanical Gardens and historic places of worship like the huge Buddhist Longhua Temple and the neo-Gothic St. Ignatius Cathedral. The area is known for its shopping