Riding on improved market sentiment, Hong Kong-listed developer HKR International plans to sell its first Shanghai project and reap sales revenue of more than 1 billion yuan (HK$1.13 billion).
HKR, familiar to property owners as the developer of the Discovery Bay project, will sell the 34-storey furnished serviced apartment building at Hua Shan Road on a strata-title basis.
The building, known as the Chelsea, is block two of the Kerry Residence phase one development in a high-end residential area in Changning district.
HKR bought the tower from Kerry Properties for HK$245m in 2001.
South China Morning Post