By NIU Yu
At a roadshow on March 10 to promote the sale of some of SOHO’s most desirable properties, PAN Shiyi, founder of the developer, said the price of 32,000 square meters of property waiting for new buyers in Beijing and Shanghai had been slashed by 30 percent.
The nine properties are top-class office buildings, shopping malls, and service apartments in prime locations.
SOHO's occupancy rate was 83.4 percent last year. The company’s liability ratio now is 44 percent.
None of the money raised will go on dividends. Pan plans to use the proceeds of sell-off to reduce the company’s liability. SOHO tried to settle deals with Blackstone on a buy-out in 2021 but to no avail.
SOHO’s shares in Hing Kong rose by as much as 20 percent to HK$1.76 (US$0.22) and closed at HK$1.58.
