Shenzhen Investment Ltd, a Chinese government-backed investment company, paid 168 million yuan (US$25 million) for control of a real estate project in Shenyang. Company unit Shum Yip Shenkong (Group) Co raised its stake in the Wuai Bus Terminal in Liaoning Province to 47 percent from 29 percent by injecting capital, Shenzhen Investment said in statement on its Website yesterday.
The project in northeast China will have two residential towers and a six-story shopping mall. Shenzhen Investment, based and listed in Hong Kong, expects the project to generate 300 million yuan of annual gross rentals. Sales and leasing for the development are due to start in the second half of this year.
(Shanghai Daily January 5, 2009)
