Chinese conglomerate Shanghai Industrial Holdings has agreed to pay RMB 2 billion for a luxury residential project in Shanghai.
This is part of its plans to expand its real estate investments.
Shanghai Industrial is buying the project from Glorious Property Holdings, which will be responsible for developing, selling and operating the project until the end of 2011.
Shanghai Industrial will receive a return of RMB 900 million in three years starting 2009, the firm said.
The project, located near the site for the 2010 Shanghai Expo (that is one of the futuristic design for the Expo on the right), includes 396 residential units with total saleable gross floor area exceeding 100,000 square meters. Wall Street Journal Online quoted Shanghai Industrial’s statement: ‘More activities could be expected in expanding the scale of Shanghai Industrial’s operations in real estate by means of market acquisition, asset injection from parent company, as well as leveraging on the state-owned enterprise reform in Shanghai.’
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