Date
16 January 2017
The asking price for Century Link and Century Link Tower, a shopping mall and twin office towers being constructed in Shanghai's Pudong Lujiazui area, is around 60,000 yuan per square meter. Photo: Mingtiandi.com
The asking price for Century Link and Century Link Tower, a shopping mall and twin office towers being constructed in Shanghai's Pudong Lujiazui area, is around 60,000 yuan per square meter. Photo: Mingtiandi.com

Cheung Kong to sell Shanghai property project

Cheung Kong Property Holdings Ltd., backed by Hong Kong billionaire Li Ka-shing, wants to sell an office and retail property project in Shanghai.

The firm is seeking more than 16 billion yuan (US$2.6 billion) for Century Link and Century Link Tower, a shopping mall and twin office towers being constructed in the Pudong Lujiazui area, the Wall Street Journal reported, citing people knowledgeable about the matter.

The asking price is around 60,000 yuan per square meter, the sources said. The project occupies a combined 269,000 square meters.

Over the past two years, companies backed by Li and his family have sold five office and shopping mall projects in Shanghai, Beijing, Nanjing and Guangzhou, the newspaper said.

His companies, including Hutchison Whampoa and ARA Asset Management Ltd., have been offloading real estate assets in China amid the country’s slowing economy.

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