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Aug 11, 2020
, Bloomberg News
(Bloomberg) -- Hong Kong real estate investor Phoenix Property Investors HK Ltd. and South Korea’s National Pension Service are considering selling a shopping mall they jointly own in Shanghai, according to people familiar with the matter.
Phoenix Property and NPS hold 50% each of the retail area of Crystal Galleria, a mixed-used project in Shanghai’s central Jing’an district. The asset may fetch as much as $860 million in total, the people said, asking not to be identified because the details are private.
Phoenix Property didn’t immediately respond to requests for comment. NPS declined to comment.
Commercial real estate transactions in mainland China have been severely impacted due to the coronavirus pandemic. The value of deals in the sector plunged 34% in the second quarter from the first three months of the year, according to data from Cushman & Wakefield Plc.
Retail has been hit particularly hard. Vacancy rates of shopping malls in Shanghai touched almost 12% in the three months ended June 30 as tenants closed up shop to preserve cash, according to Savills Plc.
Crystal Galleria was valued at more than $1 billion several years ago, according to a trade publication article dated April 2014 that features on Phoenix’s website. Phoenix jettisoned its interest in the office portion of Crystal Galleria to another Chinese buyer in late 2015 for 820 million yuan ($118 million).
Phoenix Property was founded in 2002 and managed around $7.7 billion of real estate assets as of December, according to its website.
©2020 Bloomberg L.P.
