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Singapore-listed Metro Holdings has announced its plans to sell a 50 percent stake in Huamao Property Co, which owns Metro City Beijing, for approximately 688.6 million yuan.
“Huamao completed Metro City Beijing in early 2007 and the retail mall has only achieved a take up rate of 74.5 percent as of 31 March 2011 with the retail tenant mix still subject to on-going adjustments,” said Metro Holdings.
The property, located in east Beijing, comprises a five-storey retail mall with two basement levels.
“The Metro Group considers it an appropriate time to divest Metro City Beijing, as it is of the view that it will take an inordinately long period of time to bring the retail mall to a satisfactory mature state,” it added.
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