Foreign Property News | Posted by Zarni Kyaw
Soho China is said to be looking to sell a RMB 61 billion ($8.6 billion) portfolio of commercial properties in Beijing and Shanghai, with potential buyers including Blackstone and Singapore sovereign wealth fund GIC.
The portfolio is said to consist of the developer’s eight core commercial assets in the two cities, which includes the Zaha Hadid-designed Soho Galaxy in the Chinese capital.
The Beijing-based developer, which is helmed by husband and wife power-couple Pan Shiyi and Zhang Xin, is said to have packaged up an initial trio of assets valued at $3 billion – two in Beijing and one in Shanghai – which it is marketing to the US private equity giant and Singaporean sovereign wealth fund GIC, according to sources cited in Bloomberg and Caixin.
(Life story of Billionaire Zhang Xin has been described in iMyanmarHouse.com and if you want to read it again, you can find it at this internet link--https://www.imyanmarhouse.com/news/read/837634 ) A separate report in Sina.com indicated that the three properties are Guanghua Road Soho and tower three of the Zaha Hadid-designed Wangjing Soho in Beijing, along with Soho Fuxing Plaza, which was completed in Shanghai in 2015.
With Pan having declared in June his intention to shift to a build to sell model, Soho is reported to be planning to offload the other five assets within two years.
Caixin indicated that a joint venture acquisition by Blackstone and GIC of two Soho projects in Beijing and a third in Shanghai is now in the final stages of talks, however, Mingtiandi has been informed that such a deal is not imminent.
In 2018 Soho had sold off two towers of Sky Soho in Shanghai for RMB 5 billion after finding a buyer to pay RMB 4.6 billion for Hongkou Soho in 2017.
Just last month Soho had disposed of a portfolio of parking assets, including the underground space at Soho Galaxy, to a fund managed by LimeTree Capital for $761 million.
Ref: Property Report
