SOHO China (00410) said it agreed to sell a property situated at SOHO Century Plaza, 288 Xiangcheng Road, Pudong New Area, Shanghai (1501 Century Avenue) to Guo Hua Life Insurance Co., Ltd. for Rmb3,222 million, net of value-added tax.
The property comprises office and commercial spaces on 1/F to 23/F with a leasable office area of about 42,522.18 square metres and a leasable commercial area of about 432.23 square metres; 238 car parking lots underground; and all SOHO Shanghai's rights in the common areas at SOHO Century Plaza. The property represents the Group's entire ownership interest in SOHO Century Plaza and is one of the Group's investment properties in Shanghai.
It is expected SOHO China will realise a gross profit of about Rmb502 million from the disposal. It is intended that the net proceeds from the Disposal will be used by the Group as its general working capital.
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