On July 5, 2018, Shui On Land Limited (HKEX Stock Code: 272) announced that the company, in partnership with China Pacific Life Insurance Co., Ltd. and Shanghai YongYe Enterprise (Group) Co., Ltd., has won the bid for the development right of three land parcels in Huangpu district, Shanghai.  The purchase price is RMB13.61 billion.  Shui On Land will be the project development manager and asset manager upon completion of the project.

Covering a total land area of 34,824.5 sq.m, the three land parcels numbered 123, 124 and 132 are located in the vicinity of Middle Huaihai Road, Huangpu, Shanghai.  The site enjoys excellent connectivity: to the West, it is linked to Shanghai Xintiandi, the Corporate Avenue offices and the Taipingqiao Lake; to its South is the Lakeville residential developments; the Huaihai Park is to its North; and South Xizang Road is to its East.  The site, with a planned total buildable floor area (above ground and underground) of 390,700 sq.m., will be developed into a commercial and office complex, with 197,100 sq.m. of office space, 105,600 sq.m. designated for retail and culture purposes and 88,000 sq.m. of car park.  The project will imbue new vigor to the community along Xizang Road and the Laoximen area, as well as help further transform the Huangpu district.  The grant of these land parcels also means that the development of Xintiandi Huaihai Road, famous for its century-old unique history and culture, will enter the gorgeous final stage after nearly 30 years of development.

AllBright team, led by senior partner David Li with assistance from Stacey Lu, Hongyu Liu, Shirley Cao and Ryan Sun, provided professional and efficient legal services for this transaction, which was highly recognized by our client.