During a week that saw records set for land prices in Shanghai and Beijing, a joint-venture between Sunac Holdings and Greentown China paid RMB 507.4 million to buy a minority stake in a project in Shanghai’s Putuo district.
According to a statement, the joint-venture company purchased a 49 percent share of the Xiang Yi Flower Town project north of Shanghai’s downtown area. The 468,020 square metre development will combine residential, office, and retail space, and also feature a hotel.
Sunac-Greentown has been aggressively buying real estate assets this year, including purchasing a 10,239 sqm site in Shanghai’s Hongkou district for RMB 1.044 billion in July, and paying RMB 5.68 billion for a 113,842 square metre site in the city’s Huangpu district during June.
In addition to Sunac-Greentown’s acquisition of the Putuo site, last week Sun Hung Kai acquired a commercial plot in Shanghai’s Xujiahui area, and SOHO China bought a location in the city’s Changning District.
Sunac also made the news last week for purchasing a Beijing site at a record land price, paying a total of RMB 4.3 billion for a project whose land price per square metre of built area ultimately works out to RMB 73,000.