Sunac buys Beijing and Shanghai sites for $1.83b

Sunac China Holdings has bought two sites in Beijing and Shanghai worth RMB12.5 billion ($1.83 billion), according to local media outlets.

The cash deal is considered one of Sunac’s biggest acquisitions in years.

Sunac Real Estate, a subsidiary, acquired a 100 percent stake in Oceanwide Construction Holdings, a property unit of Shenzhen-listed developer Oceanside Holdings that owns the land. The site in Beijing, with a gross floor area of 668,500 square meters (7.2 million square feet), is located in Chaoyang district, home to most foreign embassies and a number of blue-chip foreign companies such as IBM and Swire Group.

The Shanghai site has a gross floor area of 628,000 square meters (6.8 million square feet) and overlooks the Huangpu River in the South Bund district. Both plots are for residential and commercial development.