Lianjia Founder Buys USD1.5 Billion Project in Biggest Beijing Real Estate Deal This Year
Yicai Global|Xu Wei
/SOURCE : yicai

(Yicai Global) Dec. 11 -- A company belonging to the founder of Lianjia Group, China's largest real estate brokerage, has paid CNY10.5 billion (USD1.5 billion) to buy a project in Beijing, representing the biggest commercial property deal in the capital this year.

Yuanjing Mingde Management and Consulting, controlled by Lianjia Chief Executive Zuo Hui, has acquired the Pacific Century Place project from Hong Kong-based GAW Capital Partners, state-backed The Paper reported a company insider as saying.

The 169,900 square-meter complex includes two office towers, a pair of serviced apartment blocks and retail space. Zuo indirectly holds a 72 percent stake in Yuanjing Mingde, which was established in January. Former Lianjia executive Tao Hongbing serves as the asset management firm's legal representative. 

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