Global property consultant Savills said on Tuesday it has brokered a $ 312mln (EUR 200mln) investment deal in Beijing. This is the largest transaction closed by an international agency in mainland China to date, according to Savills.
Global property consultant Savills said on Tuesday it has brokered a $ 312mln (EUR 200mln) investment deal in Beijing. This is the largest transaction closed by an international agency in mainland China to date, according to Savills.
Zhaotai Real Estate, a well-known Chinese developer based in Beijing, has sold the Feng Sheng office building, to listed Chinese insurance company China Pacific Insurance for over $312mln. China Pacific will occupy part of the building on completion in 2009, and is expected to market the remaining space. Currently under construction, Feng Sheng Building provides 70,818 m2 of space, and is located in the prime Beijing Financial Street area.
'The strong teamwork between our Shanghai and Beijing offices has been integral in our success in this deal,' said Albert Lau, head of investment for Savills China. The team started the negotiation process in August 2007, and in just over seven months, managed to conclude this deal.
Zhaotai Real Estate owns more than three million m2 of real estate including office, retail, and high-end residential property.
