[photopress:real_estate_kerry_center.jpg,full,alignright]Kerry Properties, one of Hong Kong’s largest real estate developers, has started to build its US$500 million Kerry Center Pudong project, which is expected to be completed by the mid-2010.
The new project, close to the Shanghai New International Expo Center, includes a 39-floor Grade-A office building, a 574-room 5-star hotel managed by the Shangri-La Hotels and Resorts, a 140-unit hotel-style serviced apartment building, a 40,000-square-meter shopping center and an entrance hall to the exhibition.
Kerry Properties, a listed unit of Kerry Group, holds 40.8% stake in the project through its subsidiaries. The group’s another two subsidiaries has 23.3% stake. The remaining stake of the project is owned by Shanghai Lujiazui Fiance & Trade Zone Development and Changchun Industrial.
The company has developed totally more than 400,000 sq m of property on mainland China. It will finish the 230,000-square meter multi-purpose complex before the 2010 World Expo which is to be hosted by Shanghai and which will flood the city with visitors.
Source: China Knowledge