(Yicai) May 21 -- The rising number of vacant commercial buildings for sale in major Chinese cities such as Beijing, Shanghai, and Shenzhen is drawing interest from deep-pocketed technology companies, local state-owned enterprises, and leading medical firms.

The total value of big commercial property listings across 32 cities in the Chinese mainland was CNY3.49 trillion (USD483 billion) as of April 30, up 4 percent from a month earlier and 84 percent on the same period of last year, according to real estate research firm CRIC. The data also show that the number of high-value listings is climbing steadily.

Amid economic uncertainty, financially robust companies are increasingly targeting prime real estate assets in first-tier cities -- either for their own operations or as a hedge against risks in regional property markets.

A recent example is the sale of Silicon Valley Soho Building-2 in Beijing’s Changping district for CNY215 million (USD30 million), or CNY9,880 (USD1,368) per square meter. Shanghai-based New Huangpu Real Estate Group acquired the office project at a 36 percent discount to its appraised market value, according to third-party valuation reports.

The buyer is controlled by Beijing International Trust, a major financial institution. BITIC's second-largest stakeholder is the state-owned assets manager of Shanghai’s Huangpu district. Public filings indicate that the asset -- located in the district that hosts part of the Zhongguancun Science Park, also known as China’s Silicon Valley -- may be repurposed into affordable housing.

In addition to state-owned and local firms, leading technology and medical companies are also acquiring office buildings to meet their own needs.

Aier Eye Hospital Group, a major ophthalmology chain, recently acquired a 60 percent stake in Guangsheng Digital Technology, whose primary asset is a science and technology innovation building in Shenzhen. Aier paid CNY650 million and took on its debt. The building will be converted into medical facilities.

Meanwhile, Espressif Systems, a fabless semiconductor firm, announced today that it will acquire an office block in Shanghai’s Lujiazui Financial District from Lujiazui Group for CNY437 million. Nearly CNY400 million of that will be funded through the proceeds of its initial public offering, with the rest covered by its own coffers.

“Our current leased research and development space in Shanghai no longer meets our expansion needs and is subject to rising rent and lease uncertainty,” Espressif said. The newly acquired property is expected to enhance the company’s R&D facilities, office space, and software and hardware infrastructure.

Editor: Emmi Laine