Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

GIC, Vanke Win Shanghai Shopping Mall Site for $111M

2018/02/26 by Shawna Kwan Leave a Comment

Leo Ding, chairman and CEO of SCPG is building a mall to challenge Wanda in suburban Shanghai

Singapore’s sovereign wealth fund GIC has teamed up with homebuilder China Vanke to win a plot of land in Shanghai for RMB 702 million ($111 million), which the partners plan to develop into a high-end shopping centre.

GIC subsidiary RECO Guangfulin Private Ltd and Vanke unit SZITIC Commercial Property Group (SCPG) acquired the commercial lot in the city’s suburban Songjiang district, an announcement by the municipal government shows. The plot, B06-03, was offered via public tender with the Singaporean and Chinese duo being the sole contender.

The partnership between the Singaporean sovereign wealth fund and the top five mainland developer comes less than two months after Vanke bought a score of shopping centres in China from Singapore’s CapitaLand.

Vanke Challenges Wanda in Shanghai’s Suburbs

The 46,800 square metre (288,473 square foot) site is located at the intersection of Yinze Road and Renmin North Road in the Guangfulin area. With a plot ratio of 1.5, the site has a buildable gross floor area of 70,200 square metres (755,627 square feet), representing a price of RMB 10,000 ($1,583) per square metre for the bidders.

Under the tender requirements, the plot’s new owners must develop the site and operate the property by themselves after completion. The completed property may have a height of up to 24 metres (79 feet).

Expected to be completed by 2022, the shopping centre is set to rival Shanghai Songjiang Wanda Plaza, which is two kilometres away. The project will most likely be branded INCITY, the flagship shopping centre product of SCPG, and will target young families and trendy urban residents. SCPG has eight shopping malls under the brand in second-tier cities Changshu, Suzhou, Ningbo, Hangzhou, Foshan, Xi’an and Tianji.

Vanke Keeps Building Retail Portfolio

Vanke joined with unidentified partners to acquire SCPG (SZITIC Commercial Property Co) from Blackstone in September 2016. The US private equity firm had in 2013 picked up a 40 percent stake in SCPG, at the time an owner of mid-sized community shopping malls.

SCPG’s flagship INCITY chain includes this mall in Hangzhou

Now the commercial property platform of China’s third-largest developer by sales is ramping up its mall portfolio in the country. Together with parent Vanke, SCPG entered a deal to buy 20 mainland shopping centres from Singapore’s CapitaLand for RMB 8.37 billion ($1.3 billion) last month.

GIC Raises Its Bet on Chinese Retail Property

The mainland developer and Singaporean sovereign wealth fund kicked off a strategic alliance in 2004, with GIC Real Estate acquiring stakes in two Vanke residential projects in Shenyang and Wuxi in late 2005.

GIC’s interest in Chinese shopping centres dates back to 2016, when the fund bought a 49 percent stake in six mixed-use projects from Joy City, the real estate arm of state-owned COFCO Group, in a joint venture with mainland insurer China Life for RMB 9.29 billion ($1.4 billion).

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Retail Tagged With: China shopping centre, China Vanke, GIC, Shanghai, Songjiang, weekly-sp

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

Adrian Lee of AEW
AEW, KKR, Savills See Singapore Rising on HQ Demand, Return to Office
data centres
Achieving Carbon Neutrality Critical to Data Centre Investments: MTD TV

More MTD TV Videos>>

People in the News

Nicholas Toh, group chief executive officer of DCI Data Centers
Nicholas Toh Takes Over as Group CEO at DCI Data Centers
Charles Griffith Macquarie
Asia Real Estate People in the News 2022-02-06
Kelvin Chan CBRE
CBRE Hires Kelvin Chan as Head of Capital Markets for China
Yoshinaga Takahashi PDG
PDG Hires Mitsui’s Yoshinaga Takahashi as Managing Director of Japan

More Industry Professionals>>

People in the News

Nicholas Toh Takes Over as Group CEO at DCI Data Centers

Nicholas Toh, group chief executive officer of DCI Data Centers

DCI Data Centers, an arm of Brookfield Infrastructure, has tapped Nicholas Toh to serve as group chief executive … Read More>>

Asia Real Estate People in the News 2022-02-06

Charles Griffith Macquarie

Finance giants lead this week’s collection of personnel moves on Mingtiandi as two of Asia Pacific’s largest financial … Read More>>

CBRE Hires Kelvin Chan as Head of Capital Markets for China

Kelvin Chan CBRE

CBRE on Friday announced the appointment of Kelvin Chan as the global property consultancy’s head of capital markets for … Read More>>

PDG Hires Mitsui’s Yoshinaga Takahashi as Managing Director of Japan

Yoshinaga Takahashi PDG

Princeton Digital Group has appointed Yoshinaga Takahashi as managing director of Japan, where he will help execute the … Read More>>

More Industry Professionals>>

Latest Stories

Boustead Singapore chairman Wong Fong Fui
Boustead Singapore Offers $213M Buy Out of Property and Engineering Division
Raymond Lawler_Hines Asia-Pacific CEO
Hines to Build $1B Mixed-Use Complex in South Korea’s Busan
Tan Yew Chin CapitaLand Development
CapitaLand to Redevelop Singapore’s JCube Mall Into 40-Storey Residential Project

Sponsored Features

How Data Leadership Can Prepare Real Estate Companies for Big Data and AI in 2023
OpenSpace Capture
OpenSpace Capture Provides On-the-Ground Eyes at US Government Building Projects
Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.