Shanghai Industrial Urban Development Group (SIUD), a subsidiary of Shanghai Industrial Holdings, the municipal government’s listed investment arm in Hong Kong, has agreed to form a joint venture with Hong Kong’s Nan Fung Group to buy the majority owner of trade exhibitions venue Shanghaimart for US$579.3 million.
SIUD and Nan Fung’s joint venture Advantage World Investment has agreed to buy Continental Land Development, which has a 99 per cent stake in Shanghai World Trade, Shanghai Industrial said in a filing to Hong Kong’s stock exchange.
Shanghai World Trade owns Shanghaimart, a permanent international trade mart located in the Shanghai Hongqiao Economic & Technological Development Zone.
“The acquisition can help enhance and enlarge the property investment portfolio of its real estate segment in Shanghai and bring additional recurring rental income to the group,” Shanghai Industrial said.
The acquisition can help enhance and enlarge the property investment portfolio of its real estate segment in Shanghai
With a gross floor area of over 280,000 square metres and located some 20 minutes away from the Shanghai Hongqiao Airport, Shanghaimart is a year-round product showcase venue.