[photopress:Zhabei.jpg,full,alignright]The South China Morning Post has reported that Citigroup’s property unit will purchase four office blocks in Shanghai’s former low-rent industrial district of Zhabei for $65 million.
At that price the 38,000 square meter newly-completed commercial complex called Live Hub translates to RMB13,800 per square meter, less than half of the RMB30,000 that comparable properties in the city’s central business district can command. (The stunning picture is from the Shanghai Zhabei Government Portal.)
Chongbang Group’s chief executive Henry Cheng, the developer that built the office complex, said the premises would be sold to Citigroup next month.
Source: Forbes