Chinese commercial property investor SCPG, a member of Vanke Group, has agreed to acquire a 50% stake in the equity tranche of the CITIC JIC - Changsha ID Mall asset-backed securities scheme.
The deal with CITIC Capital’s real estate group will also allow SCPG to provide operational and management services for the shopping mall.
Changsha ID Mall is the city’s first large-scale integrated shopping mall with a gross floor area of 120,000 square metres. CITIC Capital acquired the mall in 2010.
Stanley Ching, managing partner and co-head of CITIC Capital’s real estate group, says: "CITIC Capital has built a strong partnership with SCPG Group for years, and we have always been exploring ways to collaborate further. We are honoured to join hands with SCPG again to continue to enhance the asset quality, operations and consumer experience, and unleash further value and growth momentum for the Changsha ID Mall asset-backed securities scheme, especially in the current epidemic environment.”
SCPG chairman Ding Liye adds: “The investment in mature asset projects will help to improve the breadth and depth of our commercial network and help us to explore the core regional market. We are confident to provide richer and high-quality service experience for local customers.”