Lippo unit seels stake in Shanghai Puxi project

HONGKONG China, a listed subsidiary of the Lippo Group, has sold a 30 per cent interest in one of its Shanghai property developments to Itochu of Japan.

The project in Huaihai Zhong Road, in the Puxi commercial district of the city, is a 34-storey commercial and office complex, which will have a gross floor area of 637,734 square feet.

The development is expected to cost US$100 million.

Lippo's other joint venture partner in the development is Shanghai Fuxing Development Corp.