BOC (HK) acquires office buildings in Shanghai from Citigroup

Sources reported that Bank of China (Hong Kong) had bought four office buildings of Shanghai Daning International Commercial Plaza from Citigroup for approximately RMB800 million with unit price on total GFA reaching RMB20,000 per sq.m.

The four office properties, located in Zhabei District of Shanghai, occupy a total gross floor area of 38,194 square meters. Citigroup acquired them in the third quarter of 2006 for US$65 million in total (equals RMB520 million) with unit floor area on total GFA at RMB14,000 per sq.m.