Swire Properties bids for $1.3b stake in Shanghai-based mixed-use projects

Hong Kong–based Swire Properties has submitted bids worth a combined 9.71 billion yuan ($1.34 billion) for a 40 percent stake in two mixed-use projects in Shanghai’s Pudong district.

The land plot assets of the two companies, Shanghai Dongmao Real Estate Ltd and Shanghai Yaolong Investment Ltd, are expected to be used for retail, office and residential developments.

The stakes are currently owned by Shanghai Lujiazui Group, a property and finance company controlled by the state asset regulating authority in Pudong, and by a subsidiary of Shanghai Lujiazui Group, respectively, reported Reuters.

“We are very pleased to have this opportunity to bid for two sites with such promising development potential,” said Tim Blackburn, Swire Properties’ CEO, in a South China Morning Post