SALES for New World Development Co's World Finance Tower in Lujiazui's central financial centre in Shanghai's Pudong district are expected to start in April next year.
Antony Chiu, deputy general manager of New World's joint-venture company in Shanghai, Shanghai New World Construction Development Co, said sale prices would not be less than US$278.80 a square foot.
Completion date for the 43-storey tower is April, 1997, but Mr Chiu said sales would start after the consortium had invested 25 per cent of the $100 million total cost.
Only half the space in the tower would be for sale and the rest would be used by the Pudong and Shanghai branches of the Construction Bank of China.
'It will be the flagship for the bank's Pudong branch,' Mr Chiu said.
He said Shanghai New World paid a 'reasonable' $12 million for a 50-year lease on the 86,100 sq ft site two years ago.
