Subsidiaries of China Vanke Co. Ltd. and Singapore's sovereign wealth fund, GIC, purchased a 46,800-square-meter commercial lot in Shanghai for 702 million yuan, with plans to construct a shopping center on the site, Retail News Asia reported, citing an announcement by the municipal government.
The partnership, comprising SZITIC Commercial Property Group — which China Vanke acquired from Blackstone in September 2016 — and RECO Guangfulin Pvt. Ltd., was the property's sole bidder at a public tender.
The plot offers buildable gross floor area of 70,200 square meters, with a 1.5 plot ratio, bringing its per-square-meter price to 10,000 yuan.
The purchasers are to develop and operate the site after its completion, and the property may stand up to 24 meters tall.
According to the media outlet, the development is expected to be completed by 2022 and named INCITY. It will be a product of SZITIC, which operates eight other shopping malls across second-tier Chinese cities.
Separately, the March 2 report noted that the Chinese developer and SZITIC agreed to buy 20 mainland shopping centers from Singapore-based CapitaLand for 8.37 billion yuan in February.
As of March 1, US$1 was equivalent to 6.36 yuan.
