Soho saw its profit drop after selling two buildings at Sky Soho to Gaw Capital Soho China, a mainland developer reported to be the subject of buyout talks with US giant Blackstone, reported a 31 percent drop in profit from its core business in 2019, citing lower revenue after the company had sold off assets in 2018. In an announcement on Wednesday to the Hong Kong stock exchange, the Beijing-based firm announced a net profit attributable to shar…
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Blackstone Said to Pull Back HK$31B Soho China Buyout Offer
…sell development model after struggling to make money from rental income, Soho has focused increasingly on offloading assets as an avenue to profits. In 2018, the developer sold a pair of assets at its Sky Soho project in Shanghai to Gaw Capital Partners for RMB 5 billion, with that Hongqiao area deal following the company’s 2017 sale of the Soho Hongkou project in Shanghai to a consortium including Keppel Land China, Alpha Investment Partners an…
Blackstone’s $3B Soho Buyout Fizzles After Failing to Win China Regulatory Approval
…d Beijing. Led by trophy projects such as the Zaha Hadid-designed Wangjing Soho in Beijing and Bund Soho on Shanghai’s storied riverfront, the collection includes five buildings in China’s capital that were between 60 and 68 percent occupied as of 31 December, with the four in Shanghai from 82 to 97 percent full at the same interval. Second Time Unlucky Friday’s announcement marks the second time that Blackstone has been frustrated in its efforts…
Gaw Closes on $798M Purchase of Sky Soho in Shanghai After Teaming Up With Allianz
…RMB 39,000 per Square Metre Sky Soho in Shanghai’s Changning district Sky Soho, also known as Linkong Soho, is a set of grade A commercial buildings totalling 350,000 square meters (3.8 million square feet) of gross floor area, of which 220,000 are above ground, including a total 196,000 square metres of office and 23,000 square metres of retail space. The project is located on Beidi Road, in the Hongqiao Linkong Economic Zone, near Shanghai’s Ho…
Soho Sells 2 Buildings in Shanghai for RMB 5.23B – Misses Price Target
…tal site divided by the future GFA of the project, the 14,832 square metre Soho Jing’An site seems to have brought good value for Soho at RMB59,743 per square metre for a project which remains largely in the same hole in the ground condition as when the developer purchased it. By comparison, American cosmetics company Mary Kay last month agreed to acquire The Point Jing’An for RMB 30,454.97 ($5,018.95) per square metre for a finished and occupied…
Soho China Plans Spin Off of Co-working Business 3Q
…timately provide 500,000 desks across China, Pan said in August last year. Soho Races Kr Space and Naked to Co-Working IPO A Soho 3Q centre in Beijing As more mainland firms expand into co-working, Soho China is not the first mainland corporate to see a profit opportunity in a flexible office spin-off. Alibaba-backed technology platform 36Kr spun off its Kr Space unit in January 2016, and has raised a combined $1.1 billion after completing a $92 m…
Court Battle Reveals SOHO Strategy for Acquiring Bund Project
…ts Beijing-based competitor SOHO China, has revealed the approach by which SOHO has been able to buy into the controversial Bund Financial Centre project in Shanghai. On Dec 29, 2011, SOHO China announced that it was going to buy half of the Bund Financial Centre project for RMB 4 billion yuan from Zendai Group and then-cash-strapped Greentown China. The move triggered strong opposition from Fosun, which holds the 50 percent of the project. Fosun,…
Profits Drop 47% for Soho China as Developer Struggles with Strategy Shift
…ft had followed a 65 percent drop in profits, and a 5.3 percent decline in Soho’s share price. Estimates from Reuters put Soho China’s net profit for July to December last year at RMB 5.3 billion ($862 million), based on the company’s full-year results. While that was more than the figure for the previous half-year, it was still much less than the RMB 9.97 billion the company earned a year earlier, and indicated large fluctuations in Soho’s income…
SOHO China Sells Pudong Project to Mainland Insurer for RMB 3.2B
…re office properties in China’s largest cities. Pudong Office Demand Helps SOHO to a Profitable Exit Continued strong demand for office space in Shanghai’s Pudong financial district helped SOHO to drive a hard bargain for the 24-storey project. With Lujiazui now estimated to be at 97 or 98 percent occupancy, buildings just up Century Avenue in SOHO Century Plaza’s Zhuyuan neighborhood are now averaging less than six percent vacancy, according to r…
SOHO China Spends RMB 3.2 Billion on Zhongshan Road Office Project
…ajor asset purchased in Shanghai since April 1st. The projects acquired by SOHO earlier this year include SOHO Caojiadu on April 1st, and SOHO Hailun on April 19th, and the company has now made seven major acquisitions in Shanghai within the last two years with an accumulated investment total of RMB14.7 billion. View Mingtiandi Commercial Real Estate Map in a larger map The acquisitions are part of what the company calls its strategy to focus on c…
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