Shui On sells Shanghai project to China Life for 3.32b yuan

[HONG KONG] Shui On Land Ltd, controlled by Hong Kong billionaire Vincent Lo, is selling a project in Shanghai for 3.32 billion yuan (S$683.2 million), the second asset sale by the developer in a week.

Shui On will sell its entire stake in the company that owns the Taipingqiao project in Shanghai's Huangpu district to China Life Insurance Co, the nation's biggest insurer, according to a statement to the Hong Kong stock exchange yesterday. The developer on Nov 29 sold office premises and car park spaces in a project in the western Chinese city of Chongqing for 2.4 billion yuan, according to a separate statement.

Shui On has been selling assets and is considering a spinoff of the Xintiandi unit as it seeks to pay down debt and improve its cash position. New York-based Brookfield Property Partners last month invested US$500 million into Xintiandi, which operates the popular entertainment complex in Shanghai.