SOHO China eyes land in Shanghai

Published: 24 Jun 2009 01:01:58 PST

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Jun. 24, 2009 (China Knowledge) - SOHO China Ltd<0410>, a leading real estate developer in China, is in talks to purchase several properties in Shanghai, said a senior officer of the firm, sources reported.

Board Chairman Pan Shiyi on Jun. 23 said that the enterprise is principally interested in acquiring completed or partly-completed properties in Shanghai because such properties will bring a faster return on investment than undeveloped land.

Pan has said that in the second half of the year the company will replenish its land bank in Shanghai and Beijing, two cities which together account for 30% to 40% of China's entire retail and office market.

Most of the properties that SOHO China will acquire in Shanghai are in the central business district (CBD), but the firm declined to specify the exact locations.

Reportedly, a real estate insider said that the property developer, which has more than RMB 20 billion in cash, may purchase Morgan Stanley's Shanghai properties, which are mainly in the CBD.

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