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SOHO Nexus Centre
On 18 November 2009, the Group acquired “Nexus Centre”, a 37-
storey office and retail complex located at East Third Ring Road,
Beijing. Nexus Centre is a completed grade-A building with total
GFA of 103,340 square meters and total above ground sellable
GFA of 82,165 square meters. It is located at the busiest part of
East Third Ring Road, Beijing, and directly adjacent to both Beijing
CBD and Sanlitun. With direct access to the No. 10 Subway Line,
it is convenient in every direction. The Group renamed it as “SOHO
Nexus Centre” after completion of the acquisition.
The Group commenced sales of SOHO Nexus Centre on 20 January
2010. As at 28 February 2010, the total contract sales area was
approximately 59,000 square meters (not including car parks) with
an average selling price of RMB43,630 per square meter. Total
contract sales amount was RMB2,579 million. |
Tiananmen South (Qianmen)
On 15 May 2009, the Group entered into a framework agreement
and a supplemental agreement to purchase 54,691 square meters
of retail properties at Tiananmen South (Qianmen), through Beijing
Danshi Investment Management Co., Ltd. (“Beijing Danshi”) (a
company controlled by the Company’s chairman, Mr. Pan Shiyi).
The total consideration of this purchase was RMB1,768 million,
at RMB32,328 per square meter. Of the 54,691 square meters,
approximately 22,763 square meters are located on Qianmen
Avenue, which have been fully built, and approximately 31,928
square meters are located on the east side of Qianmen Avenue,
largely yet to be built.
The two agreements were intended to restructure the original
agreements entered into in early 2007 by the same parties and
disclosed in the prospectus of the Company, under which the Group
has the right to acquire from Beijing Danshi its 100% economic
interest in the Tiananmen South (Qianmen) project. However, despite
two years of intensive effort, the requisite government approvals for
the transfer have remained outstanding. All parties therefore have
agreed to a revised agreement under which the Group will acquire
through Beijing Danshi the right to acquire direct ownership of the
above-mentioned properties in the most desirable areas of the
project. In addition, the Group will have the right of first refusal for
the development of other parts of the project in the future. Proposed
restructuring of Tiananmen South (Qianmen) project was approved
by independent shareholders at the extraordinary general meeting
of the Company held on 16 June 2009.
The Group keeps these completed retail properties as investment
properties. As at 31 December 2009, nearly 90% of the fully built
area held by the Group was leased out.
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The Exchange – SOHO
On 18 August 2009, the Group acquired The Exchange at a total
consideration of USD equivalent to RMB2,450 million plus the
amount of working capital of the project company prior to the
transaction closing date. The Group renamed the property as The
Exchange – SOHO. The Exchange – SOHO is located at No.1486
Nanjing Road West, Shanghai, in the heart of the Nanjing Road
West Commercial Business District. It is in close proximity to a
concentration of five-star hotels, high-end shopping centres and two
metro stations (Line 10 and planned Line 4), as well as Shanghai’s
main east-west thoroughfare – Yan’an Elevated Highway. The 52-
floor project with a height of 217 meters is among Shanghai’s tallest
skyscrapers. It is comprised of a total above-ground GFA of 71,671
square meters of commercial space and a total below-ground GFA
of 8,838 square meters for parking and storage.
This acquisition marks the Group’s much anticipated entry into the
Shanghai commercial property market. The Group is actively looking
to acquire completed or near-completion commercial projects that
can generate return within a relatively short timeframe.
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Galaxy SOHO
Galaxy SOHO (also known as Chaoyangmen SOHO phase III) is
designed by Zaha Hadid Architects and will be developed into a
high quality and innovative commercial property. With total GFA of
approximately 334,000 square meters, Galaxy SOHO will be the
Group’s iconic development within the 2nd Ring Road of Beijing.
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Wang Jing Plot B29
On 3 September 2009, the Group made a successful bid of
RMB4 billion for the land use right in respect of plot B29 situated
at Wang Jing, Chaoyang District, Beijing (“Plot B29”) through a
public bidding process.
Plot B29 is to be developed into large-scale retail and office
properties with a total GFA of approximately 500,000 square meters.
Wang Jing area is Beijing’s most mature high-end residential area
of the largest scale, which is noticeably lacking in large-scale office
and commercial facilities. The development of Plot B29 will complete
and add balance to the overall urban master plan for Wang Jing.
There is excellent accessibility to Plot B29, with two subway lines
and one light rail nearby and easy access to the airport expressway.
This development, zoned to stand 200 meters high, will be the first
landmark and point of access to central Beijing from the airport
expressway. Wang Jing is also home to the China headquarters of
many multinational companies, including Daimler, Siemens, Microsoft,
and Caterpillar whose headquarters are situated nearby.
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Sanlitun SOHO
Sanlitun SOHO is located close to the second embassy district and
the Workers’ Stadium in Beijing. The site is in the popular Sanlitun
entertainment district. With a total planned GFA of approximately
465,371 square meters, Sanlitun SOHO is one of the largest
commercial and residential complexes available for sale in central
Beijing. It is developed into five office towers and four residential
towers on top of shopping malls, which are linked by an outdoor
plaza. Pre-sale of Sanlitun SOHO commenced on 12 July 2008.
As at 31 December 2009, the contract sales area for Sanlitun
SOHO was 328,718 square meters (not including car parks), with
an average price of RMB48,024 per square meter. Total contract
sales amount was RMB15,886 million.
During 2009, Sanlitun SOHO Phase I with total GFA of approximately
240,000 square meters was completed and delivered. Sanlitun
SOHO Phase II is under construction and will be completed and
delivered in 2010. |
Guanghualu SOHO II
Guanghualu SOHO II is located in the heart of the Beijing Central
Business District (“CBD”) with a total planned GFA of approximately
167,000 square meters. It is the Group’s sixth project in Beijing CBD
and is now under construction. |
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