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Korean SK Security Acquires Two Office Buildings in Suzhou

Sources from Savills reveal that SK Security of Korea recently purchased two office buildings at Times Plaza in Suzhou at the price of 670 million RMB (US$ 90 million). Since the beginning of this year, venture investors who previously entered Shanghai have been selling out their properties in Shanghai and shifting their attention to other cities in the Yangtze delta region for high economic returns.

Times Plaza, located in Suzhou Industrial Park with a total constructed area of 512,875 square meters developed by SIP Urban Development Co., Ltd. (SIPUD), is a comprehensive project embracing a shopping mall (348,181m2), four office buildings, and a car park that can accommodate 3,692 vehicles. The Times Plaza project was scheduled to be completed and put into use by September 2008. Mr. He Wei, CEO of Savills China, disclosed that the sellers in the current transaction were all from the top ten domestic state-owned developers, and the buyer is the largest investment group in Korea.

Apart from Suzhou of the Yangtze delta region, other cities like Chengdu and Wuhan are also focus of attention to the overseas real estate investors, and their interest is not on in office buildings, but also in hotels and industrial warehouses.

Oct. 17, 2007

   
 
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