Czech buys into Beijing real estate
16 October 2007
[photopress:real_estate_metropolis_tower.jpg,full,alignright]Czech developer ECM Real Estate Developments has exercised an option to acquire the Metropolis Tower office building in Beijing The option was part of an $220 million acquisition of the Beijing retail shopping center Global Plaza. Maros Breda, general manager of Czech real estate developer's China bureau, said, 'We view the timing of completion of the Metropolis Tower as supportive of the market dynamics of the office space in Beijing.' In fact, the probability of him actually saying those words is effectively zero. That is pure flack-speak. An independent external appraisal has valued the Metroloplis Tower office building alone at RMB640 million ($85 million.)
Source: Interactive Investor
