Hong Kong-based Link REIT has acquired a 100 percent interest in Happy Valley Shopping Mall in Guangzhou for RMB3,204.7 million ($500 million), marking its sixth retail property investment in Mainland China and the third in the Greater Bay Area.
Happy Valley Shopping Mall is located at eastern part of Zhujiang New Town in Tianhe District of Guangzhou. The property is an eight-story commercial development with four-story basement, providing a total gross retail area of approximately 90,113 square meters (970,000 square feet), and a car park with 800 parking spaces. It is the only sizable mall in the district, which is in proximity to the Huangpu Avenue, a key arterial road in Guangzhou, with two future metro stations on metro line 13, which are expected to be operational by 2022–2023.
George Hongchoy, Link’s CEO, said, “The acquisition aligns with Link’s business strategy of portfolio diversification for long-term stable return. It is part of our pursuit of a yi
