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SOHO China buys plot in Shanghai

KUALA LUMPUR: SOHO China, an up-market commercial property developer in China, has bought a plot of land in The Bund, one of Shanghai’s prime areas, as the company continues to strengthen its foothold in the city.

Local newspaper Shanghai Daily on Thursday, June 17 reported that the Beijing-based developer paid RMB2.25 billion (RM1.08 billion) for a 90% stake in T&T International Investment.

The deal will allow SOHO China to indirectly hold a 61.5% equity interest in the city’s Bund 204 Project, which is scheduled to be completed by the second half of 2013, the report said. The Bund is located in Shanghai's Huangpu District. 

Designated for office, retail and hotel development, the entire Bund 204 Project covers an area of 22,462 sq metres with developable space totaling 189,000 sq metres.

This deal represents SOHO China’s second major investment in Shanghai.  In August 2009, the company acquired a 52-storey premium office tower on Nanjing Road W.
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