Daily news and Commentary on the Chinese Real Estate sector
SRE(1207.HK)disposed of Shanghai Rich Gate Retail Shops
May 21, 2012
- Shanghai Rich Gate Retail Shops which comprises the retail units situated in level 1 to 2 and basement 1 located at number 1 to 6 of Lane 222, Madang Road, Shanghai, the PRC. The Property has a total gross floor area of approximately 11,330 sqm with a preliminary valuation of approximately RMB1,076 mn.
- The Consideration was arrived at after arm’s length negotiation among the parties based on the preliminary valuation of the Property of approximately RMB1,076 mn less the adjusted net liabilities of Shanghai Huajian of approximately RMB547 million and the adjusted net liabilities of Go High of approximately HK$185 mn.