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Shui On Land buys 2 Shanghai office buildings in 1.1B yuan deal

Shui On Land Ltd. unit Shanghai Ze Chen Real Estate Co. Ltd. purchased an 11,246-square-meter Shanghai property through its acquisition of Shanghai Xin Wan Jing Property Ltd. from C&D Real Estate Corp. Ltd. for roughly 1.14 billion Chinese yuan.

The Jianfa Junyi property in the city's Yangpu District comprises two office buildings spanning 45,298 square meters of gross floor area.

The company plans to renovate, reposition and lease up the property, which is Shanghai Xin Wan Jing Property's sole asset, according to a release.

As of Dec. 19, 2017, US$1 was equivalent to 6.60 Chinese yuan.