Shui On Land Sells Shanghai Project for $545 Million

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Hong Kong-based property developer Shui On Land, controlled by Hong Kong billionaire Vincent Lo, has agreed to sell its entire stake in the company that owns the Taipingqiao project to China Life Insurance Co. for 3.32 billion yuan ($545 million). 

The project is located in Shanghai's Huangpu district with approximately 79,000 square meters of floor area available for lease or sale, including commercial, office and retail properties, according to a company statement.  

The company plans to use the net proceeds from the deal to repay debt and fund real estate development. Last month, it sold office property and car parking spaces in a project in China's Chongqing for 2.4 billion yuan, Bloomberg reports.

In October, New York-based Brookfield Property Partners invested $750 million in China Xintiandi,  the subsidiary of Shui On, which controls its portfolio of office and retail assets in Shanghai.