On Dec 20, Chinese developer Shui On Land – founded by Hong Kong billionaire Vincent Lo – announced that it is buying an office property within Yangpu District in Shanghai. This move involves acquiring the company that owns the property – Shanghai Xin Wan Jing Property – at a consideration of about RMB1.14 billion ($233 million).

Located at New Jiangwan City, the property – named Jianfa Junyi Building – comprises two office buildings with a total gross floor area of about 45,298 sq m. Construction works at the property were completed in September, says Shui On Land.

Shui On Land now owns a 100% stake in Shanghai Xin Wan Jing Property.