KUALA LUMPUR: Hang Seng Bank (China) Ltd is buying is buying office and retail space in the Lujiazui area of in Pudong, Shanghai to house its local HQ.
It announced on May 20 that it will pay 510 million yuan (RM248 million) to buy about 7,000 sq m of space on the 34th, 35th and 36th floors of HSBC Tower as well as a shop unit at the ground floor, the ShanghaiDaily.com reported on May 21.
Hang Seng China will be buying the property from affiliate HSBC Bank (China) Co Ltd. Both are under the HSBC Group.Conditional upon obtaining the necessary government approvals, the deal is scheduled to be completed by November.
Margaret Leung, chairman of Hang Seng China, said the property purchase reinforces the bank's long-term commitment to China.
For its part, HSBC China is expected to move its HQ to a new building in Lujiazui next year.
Meanwhile, the Shanghai Morning Post reported on May 20 that Metro Group, the third biggest wholesale/retail company, will open its first MediaMarkt in the Huaihai commercial area of Shanghai this October. Metro Group currently has 44 chain stores in China.
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