Hysan Development Company Limited announced that the Group will acquire a commercial project located at 668 and 688 Xinzha Road, Jing’an District, Shanghai for a gross consideration of US$541.25M.
The acquisition demonstrates Hysan’s strong belief in the growth potential of Mainland China and the Group’s commitment to continuous investment in Hong Kong, the Greater Bay Area and more broadly across China.
The deal is expected to complete by early 2022 and will be entirely funded by internal resources. Following the investment in Shanghai Grand Gateway 66 project, Hysan is now making another entry into Shanghai with this acquisition. The Project is a rare investment opportunity in Shanghai’s well-established Jing’an central business district and has strong value-add potential with commercial development opportunities with adjacent areas set out in the municipal government’s master plan.
The Project is strategically located at the heart of Jing’an district, within a three-minute walk from Shanghai Natural History Museum Station and is one stop away from Nanjing West Road station and Hanzhong Road Station, being an interchange stop of three major metro lines (1, 12 and 13).
The 24-storey, newly completed building features approximately 50,000sq m of ready to-rent grade A office space. Hysan will conduct asset enhancement works for the approximately 18,000sq m retail space, with completion expected by mid-2023.
