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SOHO China to acquire Shanghai property for RMB 2.1 bln

Apr. 18, 2012 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, yesterday announced it plans to buy a mixed-use, commercial and office project in Shanghai at a consideration of RMB 2.1 billion or around US$333 million.

The project, located on Tianshan Road, Changning District of the city, occupies a site measuring 25,594 square meters with a potential floor area of around 172,208 sq m.

According to the plans, the Hong Kong-listed firm will acquire a 100% stake in Greentown Plaza Development, which is responsible for the project development and is 70% owned by Greentown China Holdings Ltd<3900> and 30% owned by MaanShan Hualong Real Estate Development Co.

Greentown China said it would earn an estimated RMB 200 million gain from the sale, with the net proceeds to replenish its working capital.

After the latest acquisition of SOHO China, the property developer will have RMB 12.5 billion in cash, sources reported.

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