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Soho to acquire mixed-use project in Shanghai’s Changning District

SOHO China announced on Tuesday it has entered into an agreement to acquire a mixed-used project in western Shanghai’s Changning District from two other Chinese developers.

SOHO, the biggest developer in Beijing’s central business district, will pay CNY2.138 billion (USD340 million) for the Tianshan Road development, which is 70 percent held by Greentown China Holdings Ltd and 30 percent owned by Maanshan Development, according to statements filed separately by SOHO and Greentown to the Hong Kong stock exchange.

The deal will give SOHO its 11th project in Shanghai while at the same time, enable Greentown, the largest builder in neighbouring Zhejiang Province, improve its cash flow, the two companies said.

(Source: Shanghai Daily)