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

Law360, New York (December 2, 2013, 7:23 PM EST) -- 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...
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.