SOHO China inks deal on new property program in Beijing

SOHO China Ltd<410>, a leading Chinese commercial property developer, announced that it has inked a deal with Zhong Ye Xin Ao Zheng Cheng Real Estate Development Co Ltd to acquire a new commercial property development project from the latter.

The development, which will be built into a commercial and office complex under the new name Zhong Guan Cun SOHO, is located in the core areas of Beijing Zhongguancun Science Park, with a gross floor area of 58,850.44 square meters.

SOHO China has agreed to pay RMB 890 million for the property project, which is the fourth project acquired by SOHO China after it was listed in Hong Kong last year.

Zhong Guan Cun SOHO is expected to be completed by the end of 2008 and start to sell in the first quarter of next year after obtaining the relevant permit from the government bodies.

Shares of SOHO China went down slightly to HK$4.07 yesterday after surging 7.46% on Monday.