The sale of Pacific Century Place, the biggest commercial property deal in Beijing this year, showed just how profitable the business of retrofitting old buildings in China’s major cities can be.
Just over four years after acquiring the 170,000-square metre office-retail-apartment complex from Hong Kong tycoon Richard Li for 5.8 billion yuan (US$939 million), Gaw Capital Partners recently sold it to a Chinese company for 10.5 billion yuan – a rise of 81 per cent.
Instead of adopting…
Source : South China Morning Post
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