Shanghai court overturns Soho property purchase

A court overturned Soho China’s (0410.HKG) US$648 million purchase of a piece of land in downtown Shanghai, a victory for rival developer Fosun International (0656.HKG) which has been angling to buy to the property, The Wall Street Journal reported. The Shanghai No. 1 Intermediate Court ruled that the previous owners, Greentown China (3900.HKG) and Zendai Property (0755.HKG), had circumvented Fosun’s rights when they agreed to sell 50% of the downtown plot to Soho in December 2011. Fosun owned the other 50% stake and claimed it had the right to make an offer before the deal settled. The 45472-square meter site is located south of the Bund along the Huangpu River.