Hong Kong Developer Pays $3.6B For Downtown Shanghai Site

Law360, New York (September 5, 2013, 1:58 PM EDT) -- Hong Kong property company Sun Hung Kai Properties has won its bid to develop the Xu Jia Hui Centre project in downtown Shanghai, paying 21.77 billion yuan ($3.56 billion) — one of the highest prices ever paid for a piece of property in China — SHKP announced Thursday.

The site of the project covers more than 1 million square feet, and the development will have a total gross floor area above ground of about 6.28 million square feet, in which SHKP tentatively plans to build a...
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