Kerry Properties buys four development plots in Shanghai for $2.1b
Hong Kong-listed developer Kerry Properties has acquired the land-use rights to four development plots in Shanghai, for RMB 13.3 billion ($2.1 billion) the Shanghai Huangpu District Planning and Natural Resources Bureau, according to an announcement.
Kerry Properties plans to develop the area into a transit-oriented mixed-use development. The plots total 198,500 square meters (2.14 million square feet). Upon completion, the project will feature a comprehensive asset mix comprising residential apartments and townhouses, offices, retail and hotel. The project is in the heart of Shanghai’s Huangpu district near landmarks such as The Bund, Yu Gardens, People’s Square and Xintiandi.