Swire Properties Group, a Hong Kong-based developer, has made headlines with a bold move to invest $1.34 billion in China. The company's strategic bid focuses on acquiring 40% stakes in two Chinese firms holding prime land assets in Shanghai's Pudong district. These coveted properties are slated for retail, office, and residential development, aligning perfectly with Swire's vision of expanding its footprint in mainland China. However, the deal is not without hurdles, as it awaits approval from Shanghai Lujiazui Finance & Trade Zone Development shareholders, a subsidiary of Shanghai Lujiazui Group.
.png)
.png)
.png)
Hong Kong's Swire Properties group has placed bids totalling 9.71 billion yuan ($1.34 billion) to acquire 40% ownership in two Chinese firms with land assets in Shanghai's Pudong district. This move aligns with Swire Properties' strategy to emphasize projects in mainland China, according to a stock exchange filing by the Hong Kong developer.
The land parcels held by the two companies, namely Shanghai Dongmao Real Estate Ltd and Shanghai Yaolong Investment Ltd, are anticipated to be designated for retail, office, and residential projects, as indicated in the filing. Presently, these ownership interests belong to Shanghai Lujiazui Group, a state-controlled property and finance company in Pudong, and one of its subsidiaries. The predetermined purchase prices for the two ownership sales are 6.59 billion yuan and 3.12 billion yuan, as detailed in the document.
While Swire Properties' units are the sole eligible buyers for these stakes, the completion of the deal hinges on a vote to decide whether the shareholders of Shanghai Lujiazui Finance & Trade Zone Development, a subsidiary of Shanghai Lujiazui Group, agree to waive the company's initial right to purchase these ownership interests.
Swire Properties Group is a prominent property development and management company based in Hong Kong. It is a subsidiary of the Swire Group, a well-established conglomerate with diverse business interests including aviation, shipping, and real estate. Swire Properties is primarily engaged in the development, investment, and management of high-quality commercial, retail, residential, and mixed-use properties in prime locations across Hong Kong, mainland China, and other international markets. The company is known for its commitment to sustainability and innovative urban planning in its real estate projects.
Advertisement
Facebook
Whatsapp
