[photopress:ShanghaiRealEstate.jpg,full,alignright]A statement filed to the Hong Kong Stock Exchange suggests Shanghai Real Estate may sell its 45.26 percent stake in Jinluodian, which owns property valued at $1.127 billion as of September 30, 2006. Worth a bit more now.
Proceeds from this sale will be used to develop two new projects in Wuxi and Shenyang, which are approximately 8.6 million sq m and 20 million sq m respectively.
Jinluodian was set up in September 2002 with a registered capital of RMB548.1 million. Foreign investors own 27.4 percent of Jinluodian.
In April, Shanghai Real Estate raised $200 million in seven-year notes to fund expansion. The bonds were given non-investment or junk status by rating agencies concerned about the company’s narrow focus and limited cashflow.
Jinluodian was established in September 2002 with a registered capital of RMB548.1 million. It is principally engaged in planning and developing large new towns. It designs the master plan, relocates incumbent residents and businesses, clears land and installs infrastructure. Land-use rights to parcels in the new towns are then sold by the land authorities to property developers. Jinluodian also develops and manages commercial properties in the towns.
The illustration is, most appropriately, the game Monopoly from a site specializing in this game The version shown is an early Shanghai edition where the rules and texts on the board are all in English. This set is from the collection of Phil Orbanes, who writes: ‘Monopoly’s success reached Shanghai in 1936, some enterprising firm published this game for the Western community there. China was not a member of the Berne Copyright Convention. That likely accounts for why this game is not called Monopoly, even though it is a direct unauthorized copy of Parker Brothers 1935 version of the game.’
Sources: China Knowledge and The Standard and China Monopoly