ARA buys China building for $340 mln
Posted by luxuryasiahome on January 5, 2009
ARA Asset Management said on Monday it bought a 51-storey office cum retail building in Nanjing, China, for about S$340 million (US$232.9 million).
The purchase of the 51-storey Nanjing International Finance Center was done through ARA Asia Dragon Fund, the Singapore firm’s flagship private real estate fund.
John Lim, Group CEO of ARA, said:’We are currently seeing many value opportunities in the real estate sector in China as a result of the current liquidity crunch. The Group maintains a positive medium tolong-term view for China and will continue to invest in China via our funds.’
Singapore-listed ARA is an affiliate of Hong Kong property giant Cheung Kong.
Source : Business Times – 5 Jan 2009
