Ge Long Hui·2025-09-05 10:28Core Viewpoint - China State Construction Engineering Corporation (601668.SH) has approved its subsidiary, China Overseas Development Co., Ltd. (00688.HK), to invest in a real estate development project in Xuhui District, Shanghai, enhancing its market presence in the region [1] Investment Details - China Overseas Development's subsidiary, China Overseas Enterprise Development Group Co., Ltd., along with partners, has successfully acquired 90% equity and related debts of Shanghai Xindong'an Enterprise Development Co., Ltd. and Shanghai Xinbai'an Economic Development Co., Ltd. [1] - The total transaction value amounts to approximately 15.478 billion yuan, with China Overseas Enterprise acquiring 50.5% equity and related debts of Xindong'an for 7.341 billion yuan and 30.5% equity of Xinbai'an for 0.812 billion yuan [1] Project Specifications - The project is located in Xuhui District, covering a total area of approximately 134,100 square meters and a total construction area of about 534,100 square meters [1] - Planned uses for the development include residential, commercial, office, and research design spaces [1] Strategic Implications - This investment is expected to enhance the company's influence, leadership, and brand recognition in the Shanghai real estate market, supporting its long-term development strategy in the region [1]