Singapore Land JV, China Jinmao wins Shanghai residential bid for $1.23 billion

China Jinmao Holdings

20/02/2025 12:30

Feb 20 (Reuters) - A joint venture between Singapore
Land  SIND.SI , UOL Group  UTOS.SI  among others and China
Jinmao Holdings  0817.HK  has won the bid for the development of
a residential site in Shanghai, the Singapore-listed companies
said on Thursday.
    The parties won the bid from the Shanghai Municipal Bureau
of Planning and Natural Resources for a tender price of 8.96
billion yuan ($1.23 billion).
    The acquisition comes even as recent data showed that new
home prices stalled in China in January, suggesting declining
demand in the crisis-hit property sector.
    China Jinmao and the joint venture company Qin Rui Jia
(Shanghai) Realty will form a new company to acquire land use
rights and develop the site, with the former holding a 90%
stake.
    UOL Group will contribute 358.57 million yuan towards the
site tender price to expand its footprint in China, while the
venture allows Singapore Land to diversify its property
portfolio, according to separate company statements.
    Real estate investment firm Kheng Leong Company is also part
of Qin Rui Jia.
    

($1 = 7.2585 Chinese yuan renminbi)

 (Reporting by Kumar Tanishk in Bengaluru; Editing by Vijay
Kishore)
 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))