Cassava Resources with Lin Zifeng Purchase Sheung Wan Shopping Mall

The investment in the entire building property is very prosperous. Cassava Resources (00841) partnered with Lin Zifeng and purchased the Queen Central full-size commercial building at about RMB 1.1 billion.

Cassava Resources announced yesterday that it has acquired the Queen Central commercial building, which is located at 338 Queen’s Road Central, Sheung Wan, and has a 25-storey building. It is reported that the listed company partnered with investor Lin Zifeng to enter the market.

Lin Zifeng stated that he is a 40% owner of the project and purchases a property for rent. He expects to rent more than 50 yuan in the future. The total floor area of the property is about 60,900 square feet, and the average price is about 18,000 yuan. The original owner was created for Xingsheng (00896) and the Anzu Gordon Fund was purchased for about RMB 630 million in November 2016. Today, it was sold for RMB 1.1 billion, and the profit for the year-end and half-year accounts of the holding company was approximately RMB 470 million.