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SCPG Buys Back the Equity of Four Fund Projects Such as Xixi INCITY and Ningbo INCITY

news of the group Publisher:  Date :2017-01-06

Everything looks fresh and gay at the beginning of a new year. A piece of good news came together with the new year of 2017 which is full of hope and vigor! Following the takeover of Xi'an project and buy-back of Suzhou project and Gudun project of Hangzhou last year, SCPG finished the equity buy-back of four fund projects for one time a few days ago, including: Xixi INCITY of Hangzhou, Ningbo INCITY, Jiangyin INREACH and Maanshan INREACH. This marks the one hundred percent return of the first batch of IN series of shopping centers independently developed and operated by SCPG to SCPG. SCPG is continuing its expansion in such key areas as the Yangtze Delta.

As a Chinese retail business property company specialized in the investment, development and operation of shopping centers, SCPG has been making great efforts to make innovation in business property. Xixi INCITY and Ningbo INCITY are not only among the first batch of projects independently developed and operated by SCPG, but the first fund project in the retail business property in China initiated by SCPG to push forward the financial innovation. In recent years, all the performance indicators of these two projects were in the forefront of the Group’s assets pack, so they are of great strategic importance for SCPG. Plus Jiangyin INREACH and Maanshan INREACH, the total construction area of the four buy-back projects is close to 430,000 square meters, among which the Phase II of Xixi project has a total construction area of about 60,000 square meters, expected to be open to the public in 2019.

After more than one year’s negotiation and efforts, SCPG has finally bought back the equity of these four collaborative projects from Harvest Funds with its competitive prices. This successful deal means the project-fund cooperation model of SCPG has become more and more mature, thus laying a sound foundation for its operation in the public-raised and private-raised capital market in the future.