Kerry, Shangri-La in US$150m Pudong deal

Kerry Properties and Shangri-La Asia will acquire a 58,900 sq m site in Shanghai's Pudong district for US$150.8 million as part of plans for a US$490 million property project in the city, reported the Standard of Hong Kong. It will become a hotel, office, retail and serviced apartments complex with a potential gross floor area of 230,000 sq m. Construction is due to start in the second quarter of 2006 and be completed in late 2009.