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China Reinsurance subsidiary signs 3.09B-yuan deal to buy Shanghai building

China Reinsurance (Group) Corp.'s China Continent Property & Casualty Insurance Co. Ltd. subsidiary agreed to buy a building in Shanghai from Shanghai Fuyuan Binjiang Development Co. Ltd. for approximately 3.09 billion yuan.

The targeted property has an appraisal value of about 3.25 billion yuan. It has an above-ground sellable gross floor area of about 36,000 square meters and is in the Shanghai Fuyuan Landmark Plaza Project of the city's Pudong New District.

China Continent will use internal cash resource to finance the acquisition, which is expected to be completed by the end of 2021. The delivery of the property is anticipated to be complete by 2020.

A Mingtiandi report on Dec. 18 identified the seller of the property as a joint venture between Sunac China Holdings Ltd. and Shanghai Land-affiiate China Enterprise.

As of Dec. 14, US$1 was equivalent to 6.91 yuan.