City Developments (SGX:C09) jointly acquired a mixed-use development site in Downtown Shanghai for around 8.94 billion yuan, according to a filing with the Singapore Exchange on Friday.
The company's equity interest of 51% in the property acquisition amounts to around 4.56 billion yuan while Lianfa Group holds the remaining interest.
The acquisition was carried out through the company's wholly owned subsidiary, Chenghong Investment.
The mix development site is located in the Huangpu District and presents the company with an opportunity to develop low-density villas, high-rise apartments and a boutique hotel.
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