Rodamco Asia N.V. today announced that it has obtained all the necessary approvals from the Chinese authorities for its acquisition of Somerset Grand Shanghai, a serviced apartment complex in Shanghai, China.
As a result of being granted the necessary regulatory approvals, Rodamco Asia has since completed the purchase of the shares of the company that owned 100% of SGS, being Shanghai Yong Liang Real Estate Development Co., Ltd (Ã‚SYLÃŠ).
Ton de Boer, Chief Executive Officer of Rodamco Asia said, â€žWe are pleased that SGS is now officially in our portfolio as it is an important part of our stated near-term plan to be more focused in the Northern part of Asia, namely South Korea and China.â€°
For further information, please contact Rodamco Asia N.V.
(source: Rodamco Asia)