Shui On Land, a Hong Kong property developer headed by Hong Kong billionaire Vincent Lo, has agreed to sell China Life Insurance Co. its whole stake in the Taipingqiao project for 3.32 billion yuan ($545 million). Cvs pharmacy
According to a corporate statement, the project is located in Shanghai's Huangpu neighborhood and has roughly 79,000 square meters of floor area available for lease or sale, including commercial, office, and retail properties.
The net revenues from the transaction will be used to pay down debt and fund real estate development, according to the business. Bloomberg reported that it sold office space and parking spaces in a project in China's Chongqing for 2.4 billion yuan last month.
Brookfield Property Partners, located in New York, invested $750 million in China Xintiandi, a subsidiary of Shui On, which manages a portfolio of office and retail properties in Shanghai, in October.
A land purchase in Malaysia has been made by a Chinese developer.
Guangzhou R&F Properties, a Chinese developer, aims to buy six land plots in Malaysia for 4.5 billion ringgit ($1.4 billion), its first overseas purchase.
According to Bloomberg, the 116 acres will be developed with business and residential complexes in the Malaysian state of Johor Bahru.
As fears of an overheating Chinese property market grow, Chinese developers have boosted their international investments. An apartment building in New York City and a hotel and residential tower project in London are among the foreign investments made by Chinese developers.
"Like other developers, R&F made the decision to diversify its investment portfolio outside of China because domestic property regulations do not appear to be coming to an end anytime soon," Alan Jin, a Hong Kong-based property analyst at Mizuho Securities Asia Ltd., told Bloomberg. "It's still unclear how much demand there is."
For the development, R&F will purchase land from the Sultan of Johor. According to Bloomberg, it has a potential floor area of 3.5 million square meters (37.7 million square feet), which may include houses, offices, and a hotel.