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CK Asset expresses interest in remaining 40% stake in 20B yuan Shanghai project

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CK Asset expresses interest in remaining 40% stake in 20B yuan Shanghai project

CK Asset Holdings Ltd. is interested in purchasing the remaining 40% stake that it does not already own in the Upper West Shanghai development, which is estimated to be worth 20 billion yuan, after refuting reports in 2019 that it intends to exit the mixed-use project, The Standard reported Jan. 16, citing the property developer.

The targeted stake in the property, which spans more than 1.1 million square meters, is held by Herun Group-represented minority investors.

Upon its completion, Upper West Shanghai is expected to be one of the largest property developments in the city's Putuo district. It features retail, office, residential premises and service apartments, as well as a hotel, according to CK Asset's website.

In 2019, CK Asset denied reports that the company was planning to sell its 60% interest in the project when the company's chairman, Victor Li Tzar-kuoi, said the developer had received offers for the stake, but such offers did not represent any willingness of selling.

As of Jan. 15, US$1 was equivalent to 6.89 Chinese yuan.