Developers jointly buy $925m Shanghai property

Hong Kong-listed developers Sunac China Holdings (1918.HKG) and Greentown China Holdings (3900.HKG) are set to jointly purchase a Shanghai property project for US$925 million (RMB5.68 billion), Bloomberg reported. The firms will act through 50-50 joint venture Sunac Greentown Investment Holdings and take on US$378 million in debt to buy the 674,564-square-meter project from Arch Capital Success, according to stock exchange filings. Roughly 208,000 square meters of the project’s floor area is already complete, and once finished the project will include residential, office, and commercial space as well as parking. The project site is in Shanghai’s Huangpu district, giving the property a coveted view of the Huangpu River.