Ping An forms $661m JV in China
China-based Ping An Insurance has sold partial interests in two development projects in China to its joint venture partners, China Merchants Group and CR Land.
The development sites, located in Guangzhou, are valued at $661 million and total 764,203 square feet. The land has the potential to develop an 835,558-square-foot residential tower and a 980,353-square-foot residential tower.
Ping An will retain a 33 percent stake, while China Merchants owns 34 percent and CR Land owns 33 percent.
Recently, Ping An purchased several development sites in China, totaling $1.97 billion in sales price. The largest acquisitions were a 38.45-acre site in Beijing with a sales price of $1.4 billion and an 11.83-acre plot of land in Hangzhou totaling $416 million.
Internationally, Ping An invested in Tishman Speyer’s