(Yicai Global) Dec. 29 -- Chinese state-owned terminal operator Shanghai International Port Group has closed a full-capital buyout of Shanghai Star Harbor International Center for CNY6 billion (USD918 million).
Shanghai International Port Group Co. [SHA:600018] (SIPG) successfully won the bidding for a 50 percent stake in Shanghai Star Bund Development and Construction Co. on Dec. 26 at Shanghai United Assets and Equity Exchange. SIPG is mainly responsible for the development and construction of Shanghai Star Harbor International Center, a large commercial real estate project, the company said yesterday.
Star Bund was originally owned by Shanghai International Port Group and real estate developer China Jinmao Holding Group Co. [HK:0817] in a 50-50 ownership arrangement. China Jinmao announced a plan to sell a 50 percent stake in Star Bund in October and put it on sale in November.
Shanghai Star Harbor International Center lies in the ritzy North Bund area of Hongkou district in Shanghai. It will include two 263-meter high skyscrapers with a total floor area of 427,600 square meters. Its building structure and curtain wall are now substantially complete.