Properties in China change hands for $663m
Two properties in China are under contract to be sold in separate deals for a total of $662.7 million.
The 176,016-square-foot Shanghai International Service Center, located at No. 18 Gong Ping Road in Shanghai, has been sold for 1.57 billion yuan ($252.3 million) to Hong Kong–based AVIC Joy Holdings. The seller was a 50-50 partnership between Shanghai Yin Hui Real Estate, a non–wholly owned subsidiary of Franshion Properties, and Shanghai International Port Group, an entity affiliated with the Shanghai Municipal Government.
And in Suzhoe, Golden Eagle Retail Group acquired a 51 percent interest in the 2.15 million-square-foot mixed-used development project Orient Gate in a deal that valued the property at 2.5 billion yuan ($410.4 million). The sellers were Yang Xiu and Hu Yuling.
The property project has a total construction area of approximately 4.9 million square feet, comprising residential apartments, offices, commercial space and ame