While SOHO’s buy attracted less attention than the record setting land purchases by rivals Sunac and Sun Hung Kai, it marked a return to
the real estate stage for a developer that had seemingly gone quiet
after being the most aggressive acquirer of assets during 2011 and 2012.
According to a statement from the company, the project will include retail and office space on the site with a combined gross floor area of
approximately 150,000 square metres.
During the same week, Sunac Holdings paid a record price per square metre to purchase a residential site in Beijing for RMB 2.1 billion
while Hong Kong-based developer Sun Hung Kai set another price record in
Shanghai when it paid RMB 3.6 billion to acquire a site for a mixed-use
commercial development in the Xujiahui area of Shanghai.
The Changning deal is SOHO’s 12th project in Shanghai since arriving in the city in 2009 with the total price paid for these acquisitions
now reaching RMB 28.7 billion.
