…disappointing first-half financial results last month, Moody’s downgraded SOHO’s credit, noting that “…SOHO China’s transition into a build-to-hold business model will take longer-than-expected, thereby increasing the volatility for both its business performance and financial metrics.” With corporate leasing still not replacing the sales revenues that SOHO lost, the media-friendly company may be hoping that leasing out space to small companies an…
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Soho China Said Flogging RMB 61B in Beijing, Shanghai Projects
…are Guanghua Road Soho and tower three of the Zaha Hadid-designed Wangjing Soho in Beijing, along with Soho Fuxing Plaza, which was completed in Shanghai in 2015. With Pan having declared in June his intention to shift to a build to sell model, Soho is reported to be planning to offload the other five assets within two years. Caixin indicated that a joint venture acquisition by Blackstone and GIC of two Soho projects in Beijing and a third in Shan…
Soho China Hits More Trouble as Electricity Gouging Fines Announced
…on for the same practice. Also on the naughty list this December are Gubei Soho, Soho Zhongshan Plaza and Soho Tianhui Plaza (formerly Sky Soho and Lingkong Soho) in the Hongqiao area, Soho Donghai Plaza in Jing An district and Tianshan Soho in Changning district. The fines levied against Soho came after chairman Pan Shiyi had finally been able to share some good news in October, when he announced improved leasing in the company’s portfolio, inclu…
Soho China Sells Shanghai Complex to Gaw Capital in $754M Deal
…n prime revenue-generating assets. The other projects consisted of Hongkou Soho and Soho Tianshan Plaza, Pan told reporters. This past June, the developer got the first of those projects off its hands by selling Soho Hongkou, an office and retail complex in the North Bund commercial area, to a joint venture led by Singapore’s Keppel Land China and Alpha Investment Partners for about RMB 3.6 billion. The disposal of the 70,042 square metre complex…
Soho China Opens RMB 5B Commercial Project in Shanghai’s Gubei
…ne month later, in July 2016, Soho announced it was actively marketing Sky Soho, along with its Guanghualu Soho two project in Beijing. In that same month, Soho chairman Pan Shiyi told the South China Morning Post that he was willing to sell the company’s entire portfolio of 21 properties, except for “two iconic Soho buildings in Beijing and Shanghai.” The firm has at least two other projects on the market, including the 94,300 square metre Guangh…
Zhang Xin and Pan Shiyi’s SOHO China Selling Three Shanghai Office Projects
…for sale is not listed among the company’s portfolio of properties on the SOHO China website, however, SOHO acquired the 16,426 square metre site at 10 Hainan Road, Hongkou District during November 2012 for RMB 1.5 billion. At this project, the company has built up to the fourth floor. SOHO Jing An Also in April 2011, the company acquired a 15,000 sqm site along Wanhangdu Road, in the Caojiadu area of Shanghai’s Jing An district for RMB 1.6 billi…
SOHO China Plans to Sell 3 More Shanghai Properties
…north of Shanghai’s Bund area; as well as SOHO Tianshan Plaza and Lingkong SOHO (also known as Sky SOHO) in the city’s Changning district, just west of downtown, according to an account in the South China Morning Post. Pan characterised all three projects as non-core and told reporters that the planned sales were part of a strategy to sell off peripheral projects and concentrate on prime revenue generating assets. “SOHO will continue to hold and o…
Keppel and Alpha Lead $525M Purchase of SOHO Hongkou in Shanghai
…s looking to dispose of three “non-core” properties in Shanghai, including SOHO Hongkou, SOHO Tianshan Plaza, and Lingkong SOHO, as part of a strategy of selling off peripheral projects to focus on prime revenue-generating assets. That announcement came just a few weeks after SOHO sold a core Pudong office tower, SOHO Century Plaza, to Shanghai’s Guohua Life Insurance for RMB 3.2 billion ($485 million), equating to RMB 75,001 ($11,300) per square…
Pan Shiyi, Zhang Xin Resign as Chairman, CEO of Developer Soho China
…in order to focus on supporting the arts and philanthropic pursuits, said Soho China in a filing to Hong Kong stock exchange Wednesday. His wife and Soho chief executive, Zhang Xin, has also stepped down with the same rationale of focusing on “supporting the arts and philanthropic pursuits”, according to the company’s statement. Both Pan and Zhang will remain executive directors on the board. The resignations take effect from Wednesday and come e…
SOHO China to Sell Pudong Office Tower This Month As Profit Slides 87%
…oho Jingan Plaza for RMB 2.18 billion. Leasing Strategy Has Yet to Pay Off Soho CEO Zhang Xin showing off a Soho 3Q centre to a potential client Since launching its leasing-driven business strategy in 2012, Soho China has been promising investors that the precipitous drop in the company’s revenues was just a temporary phase before income from leasing replaced the loss of strata sales inflows. In 2015, however, the company seems to have not yet tur…
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