Shui On Reaps $394M In Sale Of China Office Property

Law360, New York (December 02, 2013, 7:23 PM ET) -- An affiliate of Chinese development conglomerate Shui On Group has sold an office property in Chongqing to Sunshine Life Insurance for 2.4 billion yuan ($394 million) in an effort to expedite investment turnaround, Shui On announced Friday.

Shui On Land Ltd. said it reached an agreement with Sunshine to sell Chongqing Tiandi, a 1.3 million-square-foot complex also known as Corporate Avenue 2, plus its 815-space underground parking lot. Proceeds from the sale will be used to repay existing debt and fund future real estate expenses, according to...
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