China Real Estate Opportunities revealed today that it has completed almost £350m of purchases for its initial Chinese portfolio.
In a statement to the Stock Exchange, it also announced that it wants to undertake a share buyback programme to boost its flagging share price, and has appointed two directors.
The Treasury Holdings-managed company said it had completed the purchase of two schemes in Shanghai, the 2m sq ft City Centre for £274.8m and the 508,567 sq ft Central Plaza for £72.8m.
City Centre is a mixed office and retail scheme in the Hongqaio district of the city, containing a site where CREO will construct an 834,210 sq ft mixed-use development.
Central Plaza is a 19-storey office building overlooking People’s Square in the centre of Shanghai.
CREO also revealed that shareholders would vote on whether to allow the company to start a share buyback scheme at an extraordinary meeting on 3 September.
CREO also announced the appointment of Richard David as managing director and Richard Ding at managing company Treasury Holdings China.
David joins from Macquarie Real Estate China, where he was managing director. Ding joins from Concord Venture Capital