Soho China, the Beijing-based commercial property developer, has made its first move into Shanghai with the purchase of a 52-storey office and retail building from Morgan Stanley's real estate investment arm. According to a release issued yesterday, Hong Kong-listed Soho China will buy the company that owns the property at a total cost of Rmb2.45 billion $359 million plus an amount equal to the working capital held by the company when the deal closes.
Cash-rich Soho China has been pondering an expansion into Shanghai for some time and said the location of, and easy access to, this property at the heart of Nanjing Road West CBD in the city's prosperous Jing'an business district were compelling...
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