THE L and D Property Group, has pre-sold 30 units in the 199-metre tall World Plaza Commercial Building in Pudong, Shanghai, according to group general manager Mr Samuel Kuk.
Mr Kuk said prices for the offices went for around $1,700 per square metre in the 8,000 sq m development located in the Lujiazhui district of Pudong, an area designated by municipal authorities as the future commercial district for Shanghai.
A Chinese-American joint venture, Shanghai Ming Tai Development Corporation, has plowed US$200 million into the development which Mr Kuk said would be completed by mid-1995.
The joint venture's majority stock holder is the 99 Group Incorporated, a Californian registered company whose chairman is an American citizen born in Taiwan.
L and D invested $100 million in a $2 billion private housing development, Beijing Feida Rose Garden Villas, in the Chinese capital with Beijing Feida Corporation.
Mr Kuk said 120 of the 774 villas had already been sold in the first stage of a four-phase selling process. Prices are around $1,100 per square feet.
