Guangzhou R&F Property sells office building to CDB

May 18, 2009 (China Knowledge) - Guangzhou R&F Property Co Ltd<2777> sold part of an office building, along with the naming rights, to a Guangzhou branch of China Development Bank (CDB) for a total of RMB 500 million, said the Hong Kong-listed company on May 14.

The office building is located in Zhujiang New Town, Guangzhou City, Guangdong Province. The portion purchased by CDB consists of one floor of retail space, 10-stories of office space and some parking spaces. The floor area purchased exceeds 22,000 square meters (sq m) and accounts for 25% of the building's total floor area.

This is the first time in 10 years that the CDB branch has purchased office space in the city, sources said.

The office building, covering land area of 14,498 sq m and floor area of 135,278 sq m, comprises two 25-story towers. The first three stories are commercial facilities and shopping malls, and the remaining stories are offices.

Guangzhou R&F Property currently owns 15 projects in Zhujiang New Town, Guangzhou City, 4 projects in Beijng and 2 projects in Tianjin, sources reported.