[photopress:property_Weifang__Shandong_1.jpg,full,alignright]Sameer Al-Gharaballi, executive vice president at Global, a financial fund based in the Gulf, said that the fund has finalized the purchase of a ‘distressed shopping mall’ — that is a direct quotation — in a prime location in the city center of Weifang, Shangdong Province.
The investment involves two joint venture partners, Titan Capital, a Singapore-based private equity firm and Pan China, a commercial real estate group in China. The total value of the investment is $8.8 million.
The idea is to reposition the mall as a new generation mall catering to the needs of young people. Currently, there are no malls in Weifang targeting the youth population.
The mall is located in a prime commercial area with well-developed surroundings and more than one access road leading to the site.
Sameer Al Gharaballi also stressed that the fund initially evaluated a number of opportunities in China and eliminated many of them, as they did not meet the investment criteria of the fund. He said, ‘This subject opportunity has passed through our strict due diligence process.’
The illustration is of the target audience in Weifang. Only these are graduates mobbing a job fair. Still the target audience.