SHANGHAI-Hong Kong-based Asia Pacific Land is selling an office tower situated in Shanghai to China Pacific Insurance Group, a Chinese insurer, for approximately 4.4 billion yuan ($670 million). This would be a loss for the investment firm because it paid 4.9 billion yuan for the 40-story, 1,000,000-square-foot building in summer 2008.
The building was developed by Hong Kong-based Hutchison Whampoa Ltd. in 2004. The transaction will be carried out offshore in dollars.For the full story, go to Wall Street Journal.
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