Transactions - APRIL 6, 2020

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Shanghai office sells for $440m

by Andrea Zander

China Reinsurance has completed the acquisition of a newly completed commercial property in Shanghai’s Lujiazui area for RMB 3.09 billion ($440 million).

The Hong Kong–listed insurer, which is controlled by mainland sovereign wealth fund CIC, purchased Building 1 of the Shanghai Fuyuan Landmark Plaza from a joint venture between top-five mainland developer Sunac China and Shanghai Land-affiliate China Enterprise.

This is the second full office building deal in the Lujiazui area of ​​Pudong in Dade Lianghang Capital Market Department in 2019, and the fourth case of an office transaction in the Lujiazui area in Dade Lianghang Capital Market Department, and also in Lujiazui in Pudong in 2019.

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