GuocoLand sells Shanghai office tower for S$200 mln

GuocoLand said on Wednesday that its China’s subsidiary, Shanghai Xinhaolong Property Development Co., Ltd (XHL), has sold all the units in a 24-storey office tower for RMB 1 billion (S$200 million).

The buyer of the units comprising 50,587 square metres of gross floor area space is Shanghai Putuo District State Asset Management Co. Ltd, a state owned enterprise of the Putuo District Government.

The sale is expected to be completed on or about 30 May 2010, upon issuance of the Occupation Permit for the office tower and the handover to the buyer.

Source : Business Times – 18 Nov 2009

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