SOHO looking to sell 2 key properties

Source: Xinhua | 2017-07-06

SOHO China said it is looking for buyers for two of its projects in Beijing and Shanghai as the commercial real estate developer sticks to its strategy to focus on prime office properties in the country’s two largest gateway cities.

The announcement comes less than two weeks after its sale of Hongkou SOHO.

Guanghualu SOHO2 in Beijing, in the heart of the CBD and with a saleable gross floor area of 94,300 square meters, and Sky SOHO in Shanghai near the Hongqiao Transportation Hub with a saleable GFA of 128,200 square meters, are the two latest developments on SOHO China’s sell list.

The sale of the two latest properties will help SOHO China realize its investment gains and bring the company strong cash flow so that it can embrace new business opportunities in the market, SOHO China said in a statement yesterday.

On June 26, the company announced the sale of Hongkou SOHO, a 90,000-square-meter mixed-use office and retail complex in the city’s Sichuan Road N. commercial precinct, for nearly 3.6 billion yuan (US$526 million) to a group of buyers that include Keppel Land China Ltd.

Based on leasable GFA, the average selling price of the building, designed by Japanese architect Kengo Kuma, was 53 percent higher than the cost, it said.