Singapore’s sovereign wealth fund GIC Private Limited has partnered with mainland real estate developer China Vanke Co. for the development of high-end shopping centre in Shanghai, according to a report by Mingtiandi.
The report, citing an official announcement, said RECO Guangfulin, a subsidiary of GIC, and China Vanke’s SZITIC Commercial Property Group (SCP Group) jointly acquired the property after emerging as the sole bidders for the 46,800-square meter commercial plot in the suburban Songjiang district in a public auction. The consideration for the land amounts to RMB 702 million ($110.8 million).
