Chinese developer SOHO China Ltd said it would buy an office and commercial project in Changning District in Shanghai for 2.14 billion yuan ($338.88 million) as it aims to raise its profile in Shanghai's major business districts.
In a filing to the Hong Kong bourse, SOHO said it would buy the entire Shanghai Greentown Plaza Development Co Ltd, which is 70 percent owned by Greentown China Holdings Ltd and 30 percent by MaAnShan Hualong Real Estate Development Co Ltd.
Greentown Plaza Development is responsible for development of the office and commercial project, which occupies a site area of 25,594 square metres with a total gross floor area of about 172,208 square metres comprising hotel and commercial space.
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SOHO, a real estate developer that concentrates on office and retail property projects in Beijing and Shanghai, had set its sales target for 2012 at 23 billion yuan.
Shares of SOHO eased 0.17 percent on Tuesday afternoon, and Greentown China shares slid 0.36 percent. The benchmark Hang Seng Index was down 0.96 percent. ($1 = 6.3150 Chinese yuan)