Investments by Soho China, the Beijing-based commercial developer, in Shanghai have grown to more than CNY6.19 billion (HKD7.08b) after the company bought a third site in the city for CNY1.56b.
Soho on Saturday won an auction for a retail and office site called Linkong Plot 15 in Shanghai’s Hongqiao Linkong Economic Zone, a developing commercial area. The site could be developed into a retail and office project with a gross floor area of 250,000 square metres.
Chairman Pan Shiyi said on Saturday the company would keep 20 percent of the gross floor area for leasing, with the rest being released to the market for sale. "We prefer to keep retail space at the project as it offers stable rental income," he said.
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(Source: scmp.com)