Savills has represented state owned Bao Steel in the acquisition of three floors at Shanghai World Finance Center (SWFC) for US$133 million (RMB866 million).
Savills has represented state owned Bao Steel in the acquisition of three floors at Shanghai World Finance Center (SWFC) for US$133 million (RMB866 million). Savills has now concluded over 55% of the disposed gross floor area at China’s tallest skyscraper.
SWFC is located in the center of Lujiazui Finance & Trade Zone in Pudong. Completed in 2008, the building has 101 floors and towers totaling 492 meters in height. Bao Steel acquired floors 57 - 59 with an estimated total GFA of 9,900 sqm. In March 2011, Savills brokered two floors for Tianping Auto Insurance and Guohua Life Insurance.
Albert Lau, Head of Savills China, says: “The overall quality, property management services and surrounding facilities of SWFC are truly world class. This successful transaction indicates domestic corporates’ growing demand for high-quality office space. As China's economy continues to grow, we expect to see more investment deals of this nature.”
Raymond Lee, CEO of Savills Greater China said: "I would like to congratulate our Shanghai investment team for their efforts. I am convinced that Savills will maintain its position as market leader in China, underpinned by our investment team, which is clearly the best in town.”
For further information, please contact:
Albert Lau, Savills Head of China, +8621 6391 6688
Steve Chen, Savills Investment director, China, +8621 6391 6688
Victoria Buchanan, Savills Commercial press office, +44 (0) 20 7409 8940