Built in 2012, Borui Plaza is located near Tuanjiehu subway station on Beijing’s East Third Ring Road and has an area of about 58,200 square metres. The owner of the property was a real estate developer in Dalian, northeastern China’s Liaoning province, whose assets were seized by a court after defaulting on debts.
The China unit of Singaporean property group CapitaLand Development acquired Borui Plaza in downtown Beijing for CNY2 billion (US$283 million or $394.4 million) at a 30% discount.
CapitaLand’s Beijing-based unit won the auction for Borui Plaza on Oct 17, Yicai Global learned from the online judicial sale platform of JD.Com.
