Dec 07, 2018 (China Knowledge) - Hong Kong based Gaw Capital Partners is nearing the completion of a sale of a Beijing landmark property to Beijing Yuanjing Mingde Management and Consulting Co. which is backed by property tycoon Zuo Hui.
The property in question is Pacific Century Place and will be sold at a price of around RMB 10.5 billion. The price represents a 60% increase from what Gaw Capital had acquired it for four years ago, albeit it conducted significant upgrades for the complex.
Pacific Century Place which is a 170,000 square meter mixed use development consisting of two office buildings, two blocks of service apartments and a retail space was converted into a brand-new office and retail landmark under Gaw Capital. It currently has 8-mini blocks of combined retail and lifestyle workspaces.
The sale comes after China’s property markets have entered a correction phase amid a slowing economy and tightening of credit, showing a continued strong demand for properties located in the capital city’s prime areas.
Zuo Hui is the chairman of Beijing Homelink Real Estate Brokerage Co., which is China’s largest realtor. The company operate Ziroom and Homelink, which are the country’s largest rental flat operator and property agency respectively. Both companies have also received investment from conglomerates such as Tencent Holdings and private equity firm Warburg Pincus.
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