[photopress:hsbcifc2.jpg,full,alignright]HSBC Holding has bought 20 floors, totaling 53,000 square meters, of Grade A office space in the Lujiazui area of Shanghai from Sun Hung Kai Properties.
HSBC group chairman Stephen Green and SHKP chairman Walter Kwok Ping-sheung announced the deal. Stephen Green said, ‘This investment will further demonstrate our long-term commitment to China and our great confidence in Shanghai’s future prospect. Headquarters HSBC Building-Shanghai IFC will support bank’s expansion across the country.’
HSBC bought 4,800 square meters in HSBC Tower, which is also in the same Lujiazui area, for $33 million in 1999.
The office space to be bought by HSBC is part of the three-tower, $1.03 billion, office-retail-hotel and serviced apartment Shanghai IFC project, which has a gross floor area of 400,000 square meters.
The project consists of 210,000 square meters of Grade A office space, more than 90,000 square meters of hotels run by Ritz-Carlton and W Hotels and 100,000 square meters of shopping center. Two phases of the project will be finished in 2009 and 2010 separately. The towers are 260 meters, 250 meters and 85 meters in height.
Source: Shanghai Daily