(Mar 25): An arm of Singapore’s Keppel Corp. is considering buying twin buildings on the banks of Shanghai’s Huangpu River from Dalian Yifang Group Co., people familiar with the matter said.
The property, known as Shanghai Yi Fang Center, could fetch more than 4 billion yuan ($805 million), according to the people. Keppel is discussing the deal through its asset-management unit Keppel Capital Holdings, one of the people said, asking not to be identified because the discussions are private.
Yi Fang Center is opposite the Shanghai International Passenger Transport Center in the city’s Hongkou district. Keppel joins other foreign investors eyeing China’s commercial property market, as Brexit worries in the UK cloud the investment outlook in Europe and Beijing’s limits on leverage disadvantage local buyers.
