Singapore-based ARA Asset Management Ltd., an affiliate of Hong Kong billionaire Li Ka-shing’s Cheung Kong (Holdings) Ltd. (00001.HK), is selling its International Financial Center (IFC) project in Nanjing, Jiangsu province, to local conglomerate SanPower Group for an undisclosed price, property news portal Guandian.cn reported Monday, citing media reports. SanPower confirmed the report. The website said Nanjing IFC is valued at about 3 billion yuan (US$495.57 million). The complex is in the city’s central business district and has 109,000 square meters of floor space.
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