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Report: CapitaLand to pay at least 12.79B yuan for Shanghai complex

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Report: CapitaLand to pay at least 12.79B yuan for Shanghai complex

Singapore-based property company CapitaLand Ltd. is acquiring the 1.5 million-square-meter Star Harbor International Center multi-building complex in Shanghai's Hongkou district for at least 12.79 billion yuan, Mingtiandi reported, citing mainland Chinese media accounts.

The purchase deal with Shanghai Port Group would mark CapitaLand's most expensive real estate project in China to date, according to the report.

The project, which is in its first phase, includes a pair of 263-meter skyscrapers encompassing a gross floor area of 427,600 square meters upon completion, which is expected at the end of March 2019.

CapitaLand representatives declined to comment on the matter, the publication noted.

As of Oct. 15, US$1 was equivalent to 6.92 yuan.