First historical Bund building ready for auction

PUBLISHED : Thursday, 13 October, 1994, 12:00am
UPDATED : Thursday, 13 October, 1994, 12:00am

THE first historical building on the Bund is ready for sale or lease, with valuation work just having been completed, says authorised surveyor Brooke Hillier Parker.

The property consultant's partner and research head, David Faulkner, said yesterday the building had housed Banque Indosuez.

He declined to reveal the minimum selling price or the timing for the unprecedented auction.

'I would only publicise the information after I get authorisation from the Shanghai government. It's a strict rule,' he said.

But Mr Faulkner was confident there would be good response from foreign banks, even if the price was equal to or above that of a new commercial building.

'These are their landmark buildings, of historical value. I would not be surprised if they are eager to take them back.' He was speaking after a seminar, Shanghai Property Update, organised by Asia Law and Practice.

It is generally believed the long-awaited 'sale' will actually be a 50-year renegotiable lease.