Cash-rich commercial property developer SOHO China will continue to seek merger and acquisition (M&A) opportunities in Beijing and Shanghai this year to expand its business, Chairman Pan Shiyi said.
"We will acquire existing commercial properties from institutional investors and offer custom-tailored marketing and leasing services to make them more profitable," Pan said.
SOHO Nexus Centre, a prime commercial and retail complex that SOHO acquired for 2.34 billion yuan ($342.8 milllion) in November, attracted a transaction of 2.09 billion yuan on its first day of trading this month, with a unit price of 43,100 yuan per sq m.
In 2009, SOHO made four acquisitions with a total consideration of approximately 10.6 billion yuan, adding commercial land banks totaling 740,000 sq m in Beijing and Shanghai city centers.
