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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.