Joining in one of the biggest weeks for land acquisition in China since the global financial crisis, SOHO China purchased a 16,600 square metre site in Shanghai’s Changning district for RMB 3.19 billion.
While SOHO’s buy attracted less attention than the record setting land purchases by rivals Sunac and Sun Hung Kai, it marked a return to the real estate stage for a developer that had seemingly gone quiet after being the most aggressive acquirer of assets during 2011 and 2012.
According to a statement from the company, the project will include retail and office space on the site with a combined gross floor area of approximately 150,000 square metres.
During the same week, Sunac Holdings paid a record price per square metre to purchase a residential site in Beijing for RMB 2.1 billion while Hong Kong-based developer Sun Hung Kai set another price record in Shanghai when it paid RMB 3.6 billion to acquire a site for a mixed-use commercial development in the Xujiahui area of Shanghai.
The Changning deal is SOHO’s 12th project in Shanghai since arriving in the city in 2009 with the total price paid for these acquisitions now reaching RMB 28.7 billion.