China State Firm to Sell 20 Shanghai Office Towers in Downturn
- State-owned Lujiazui Finance & Trade offices worth $4 billion
- Shanghai’s office vacancy at the highest in almost 20 years
The Lujiazui Financial District in Shanghai.
Photographer: Raul Ariano/BloombergThis article is for subscribers only.
A major state-owned landlord in Shanghai is offering to sell most of its office buildings for at least 30 billion yuan ($4.1 billion), people familiar said, underscoring the severity of the city’s commercial property downturn.
Shanghai Lujiazui Finance & Trade Zone Development Co., owned by the state assets supervisor of Shanghai’s Pudong district, last month offered to sell about 20 office buildings in the financial hub, said the people, who asked not to be identified discussing private information. The office assets, which includes the iconic DBS Bank Tower, are offered individually instead of as a portfolio.