A joint venture between Sunac China Holdings and Greentown China Holdings, is spending 507.4 million yuan ($82.9 million) to purchase a 49 percent stake in Xiang Yi Flower Town in Shanghai's Putuo district.
Shanghai Sunac Greentown, the venture between the two China land developers, made the deal with Zhejiang Kangheng. The mix-use project has a gross floor area 468,020 square meters and will include residential, commercial, office and hotel space, according to The Standard.
Out of the total 446,336 square meters available for sale, more than 62 percent remains unsold.
The joint venture was established last year to target high-end properties in cities in the Yangtze River Delta region. Earlier this year, the venture purchased a property project in Shanghai for $925 million, according to Bloomberg.