Citigroup Targets Shanghai Office Property.

(From SinoCast China Financial Watch)

SHANGHAI, September 29, SinoCast -- Citigroup is ready to pour as much as USD 65 million for buying four office buildings on Daning International Commercial Plaza, the largest retail property project in Zhabei District, Shanghai. The four buildings have a gross floor area of 38,194 square meters with 254 units of offices. The unit price would be less than CNY 14,000 per square meter, compared with the average of CNY 25,000 per square meter for office buildings in Shanghai in the third quarter of 2006, an almost-10-year high. The office building prices in Shanghai are driven up by the strong demands from both large domestic …