The Straits Trading Co. Ltd. established a joint venture with Ara Asset Management Ltd. and ICBC International Investment Management Ltd. for the 2.42 billion yuan acquisition of a retail mall in Shanghai.

The transaction will involve the transfer to the trio of the project company that owns the 91.3%-occupied 2.66 billion yuan property with a gross floor area of about 83,074 square meters.

Through its SRE Venture 16 Pte. Ltd. subsidiary, Straits Trading is contributing 441.9 million yuan to the transaction. The Singapore-listed company will finance its investment in the neighborhood shopping center using internal resources.

As of Dec. 17, US$1 was equivalent to 7.00 Chinese yuan.