Cheung Kong Property Holdings Ltd., backed by Hong Kong’s richest man Li Ka-shing, is looking to sell an office and retail property project in Shanghai for around 60,000 yuan per square meter.
The Century Link and Century Link Tower, a shopping mall connected to two office buildings, are currently under construction in Lujiazui. The project is located above the Century Avenue Metro Station and is scheduled to open in 2016, Mingtiandi reports.
The firm is asking for around 60,000 yuan per square meter, the Wall Street Journal reports, citing sources with knowledge of the offer. The shopping mall and office together take up around 269,000 square meters, bringing the asking price to more than 16 billion yuan.
In the past two years, companies backed by Li and his family have sold five major office and shopping mall projects across China, and the string of divestments has fueled speculation that he plans on exiting the mainland real estate market.
Cheung Kong Property Holdings currently has 12,000 retail businesses across the world, with 1,000 more to be added by the end of next year.
[Image via Mingtiandi]