Sunac JV sells Lujiazui Building for $390m

China Continent Insurance, a subsidiary of the China Reinsurance Corp., has acquired an under-construction commercial project in Shanghai’s Lujiazui area for $390 million.

The seller was Shanghai Fuyuan.

The Shanghai Fuyuan Landmark Plaza is part of the multi-stage Shanghai Fuyuan Landmark project, which totals approximately 387,500 square feet. Investors of the project include Sunac China and China Enterprise, an affiliate of developer Shanghai Land.

Shanghai Fuyuan Landmark Plaza is expected to be completed in 2020.