Shun Tak Holdings has taken a half stake in a prime piece of real estate in downtown Shanghai for about CNY4.7 billion ($667.4 million).
The seller is Overseas Chinese Town Enterprises. The sale will help OCT focus on its primary business of cultural and tourism products.
Located next to Suzhou River, it will feature approximately 329,00 square meters (2.5 million square feet) of office space and officer tower, residential towers, public park, underground shopping mall and low-rise commercial buildings. It is still in it the early stages of construction.
