![Jenny Han Dropped a Major ‘The Summer I Turned Pretty’ Easter Egg Revealing [SPOILER] – yahoo.com](https://earth-news.info/wp-content/uploads/2025/09/319001-jenny-han-dropped-a-major-the-summer-i-turned-pretty-easter-egg-revealing-spoiler-yahoo-com-360x180.jpg)
The Ascott Heng Shan Shanghai has been sold to a mainland investor
CapitaLand Development has sold a serviced apartment property in Shanghai’s Xuhui district to a vehicle controlled by a mainland investor, as cash-rich corporate investors continue to seek discounted acquisition opportunities amid China’s property slump.
The 90-unit Ascott Heng Shan Shanghai has been sold to an unrelated third party, a spokesperson for CapitaLand Development (CLD) China confirmed to Mingtiandi, with corporate registry records indicating that the asset’s holding company is now owned by a vehicle controlled by construction entrepreneur Lin Weigui.
“The divestment is in line with CLD’s business strategy to realise development profits at the opportune time, with a view to recycle the capital into new opportunities,” a spokesperson for CapitaLand Development China told Mingtiandi. “The property continues to operate as usual and remains under the management of The Ascott Limited, the lodging business unit wholly owned by CapitaLand Investment.”
While CLD did not disclose the transaction price, market sources indicate the asset changed hands for RMB 1.2 billion to RMB 1.3 billion ($166 million to $179 million), which works out to RMB 80,000 per square metre to RMB 86,667 per square metre, with that price representing a 35 percent to 40 percent discount to the RMB 2 billion which CapitaLand was said to have asked for the property in a reported marketing effort more than six years ago.
Former French Concession
The asset became part of CLD’s portfolio following the restructuring of Temasek Holdings-backed CapitaLand Limited in 2021, which spun off CapitaLand Investment (CLI) as its listed investment management unit while privatising its development business under CapitaLand Development.
CapitaLand Development China chief executive Ben Lee
According to local media reports citing Ascott China managing director Tan Sze Shang, the property’s occupancy rate exceeded 95 percent in 2020, with 119 square metre rooms renting for a standard RMB 80,000 per month.
CapitaLand Limited launched Ascott Heng Shan Shanghai in 2015 after having acquired the project’s site in 2010 at a reported value of RMB 450 million. The property’s land use rights are set to expire in 2054, according to CapitaLand Limited disclosures.
Corporate registry records indicate that the asset’s holding company, Shanghai Waigaoqiao Club Co Ltd, is now controlled by Guangzhou Hengyi Investment Co Ltd, a vehicle controlled by Lin, with the ownership transfer having completed earlier this month. Lin had also acquired in 2020 the Ascott Guangzhou from CapitaLand Limited’s Ascott Residence Trust (now CapitaLand Ascott Trust) for S$155 million, or 52 percent above the property’s book value.
Located at 99 Hengshan Road in Shanghai’s former French Concession area, the serviced apartment building is steps from the Hengshan Road station Shanghai metro’s line 1.
The property spans 25,587 square metres (275,416 square feet) of gross floor area, of which the above-ground portion spans 15,000 square metres, with one, two and three-bedroom units ranging from 103 square metres to 276 square metres in floor area.
“China is one of three core markets for CLD, alongside Singapore and Vietnam. We hold a long-term view of China and continue to be on the lookout for investment opportunities,” said the CLD China spokesperson.
The Ascott Limited owns or operates over 200 properties totaling 45,000 units across 42 cities under brands including Ascott, Somerset, Citadines, lyf, Oakwood and Adoor, according to the company’s website. Earlier this month, Ascott appointed InterContinental Hotels Group veteran Huang Weimin as managing director of Ascott China, replacing Tan Sze Shang.
Shanghai Rental Housing in Vogue
The disposal, which follows the sale of the Somerset Xu Hui Shanghai serviced apartment building by Ascott Residence Trust in 2021, comes at the same time that global investors are committing more cash to rental residential projects in Shanghai on the back of strong demand from young professionals, increasing preference for renting amid high home ownership costs, and policy support.
“China/Shanghai’s residential leasing market continues to attract significant investor interest,” James Macdonald, head of research for Savills China told Mingtiandi. “The market is believed to have a degree of depth that some of the other niche sectors do not, including strong government support and structural drivers. Serviced apartment vacancy rates for Shanghai were 19.9 percent in Q1 2024. The former French Concession should be closer to 9 percent.”
Last week, Manhattan-based developer and investor Tishman Speyer completed the purchase of a majority stake in the Holiday Inn Express Shanghai Wujiaochang for RMB 360 million ($50.4 million), with the property set to be renovated into a 305-unit serviced apartment project operated by Singapore’s Frasers Hospitality.
In September 2023, US fund manager PGIM Real Estate led a joint venture with the apartment management unit of mainland hospitality giant H World Group to acquire an apartment building in Shanghai’s Baoshan district from its developer, Hong Kong-listed Powerlong, with plans to develop a 500-unit residential project.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/finance/capitaland-sells-ascott-heng-shan-shanghai-for-reported-166m/
