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Greenland Holdings buys out partner in Shanghai shopping center for 2.35B yuan

Greenland Holdings Corp. Ltd. gained full ownership of the JSWB Global Home Furnishings Center in Shanghai after buying out the remaining 50% stake it does not already own in the shopping center from Chinese furniture maker Jisheng Wellborn for 2.35 billion yuan, Mingtiandi reported Sept. 19, citing a company filing to the Shanghai Stock Exchange.

The shopping center includes showroom and shop spaces for 500 furniture, building materials and homeware brands across 14 themed pavilions.

The Chinese developer intends to seek approval to rezone the 305,000-square-meter retail property into an industrial development upon the completion of the transaction. If approved, Greenland plans to build a world-class artificial intelligence innovation center on the site as part of a wider development that will also provide corporate headquarter facilities, hotels and residences.

As of Sept. 19, US$1 was equivalent to 7.10 Chinese yuan.