That’ll buy you a lotta Prada. The Shanghai Daily reports that Sun Hung Kai Properties, one of Hong Kong’s largest property companies, is in in “final talks” to purchase the Xiangyang Market land from current owner Maxdo Group for RMB 3.6 billion. Sun Hung Kai is expected to invest a total of RMB 6 or 7 billion to turn the prime real estate into “office, retail and hotel space.” The group already owns four other properties in Shanghai.
As we told you last week, Xiangyang Market — which we will argue to the death is not responsible for the TAG watch Shanghaiist wears on occasion — is closing sometime this year. Maybe “closing” is not a strong enough word. From a recent Xinhua story: “Vice Mayor Zhou Taitong said the government has decided to ‘abolish’ the market rather than ‘remove’ it as some people have suggested.”
Also on Shanghaiist:
Watch? Bag? DVD? Not for much longer
Ask Shanghaiist: Xiangyang Market
Xiangyang Market crackdown
Photo from shanghaidiaries.com.