China’s CMIG divests its 50% stake in mixed use project for $1.77 bln

China Minsheng Investment Group (CMIG), a private investment firm, has divested its 50 percent stake in a mixed-use project in Shanghai’s South Bund area for 12 billion yuan ($1.77 billion).

CMIG is divesting its remaining equity in the project along Dongjiadu Road in Huangpu district to Chinese real estate developer Greenland Group.

The sale will value the riverside project at $5,044 per square meter of built space, or about 3.5 percent less than CMIG paid to acquire the land for the project in 2014.

The property, including Dongjiadu Blocks 13 & 15, was won at an auction by a joint venture between CMIG and a subsidiary, together with real estate properties developer Shanghai Bund Investment Group for $3.6 billion in 2014.