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Swire Properties unit buys stake in Shanghai land

Swire Properties Ltd. subsidiary Citi-Fame Development Ltd. completed the acquisition of a half-stake in Shanghai Qianxiu Co. Ltd. from Shanghai Newbund Industrial Development Co. Ltd. in a roughly 1.35 billion-yuan deal.

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. owns a 60% stake in Shanghai Newbund, with Shanghai Qiantan International Business District Investment owning the remaining 40%. Shanghai Qianxiu holds the land use right to a parcel in Qiantan in Shanghai's Pudong New District.

Citi-Fame and Shanghai Newbund now each hold a 50% stake in the target company. Together, they plan to develop a retail project on the land, with an estimated gross floor area of about 1,250,000 square feet.

As of March 28, US$1 was equivalent to 6.30 yuan.