LF Builders

Daniel Eisenberg

March 16th, 2023

LF Builders is a construction company that has successfully completed more than 11,000 projects, offering quality services to clients with their vast experience and expertise in the field.

China Construction Bank Purchases Shanghai Commercial Building from Jingrui for $19 Million

Shanghai Jingrui Shenxin Tower, located on Xiaomuqiao Road, is a landmark building in the heart of Shanghai. In 2017, Jingrui acquired the property as an investment property, along with providing property management services to the 1990s-era building. The sale of the building helped to ease the liquidity issue of the group, while the proceeds were applied as general working capital of the group.

The Tower was independently valued at RMB 150.3 million in February, and the bank acquired a commercial building in Shanghai’s Jing An district from Jingrui in a transaction valuing the North Zhongshan Road property at RMB 92 million. These two acquisitions further demonstrate the financial strength of both Jingrui and the Shenxin Tower.

The Shenxin Tower has a distinguished history, having been originally established in 1994. It stands at 25 floors tall, with a total construction area of over 200,000 m2. The Tower is comprised of office spaces, shopping malls, apartments and leisure facilities, offering the public a comprehensive solution for daily needs. Despite its age, the building is kept up to date with a modern interior design and a wide range of technological innovations.

Jingrui also plans to upgrade the Tower with a variety of improvements, such as installing green energy systems and improving existing facilities. With the completion of the upgrades, Jingrui hopes to provide enhanced levels of comfort and convenience to tenants and visitors alike. These renovations are expected to be completed within the next five years and will ensure the continued success of the Tower in the long run.

The strategic acquisition of the Shenxin Tower by Jingrui is a positive step forward, positioning the company as a major player in the Shanghai property industry. This important venture has enabled Jingrui to further expand their portfolio and tap into Shanghai’s real estate market. Along with the two recent acquisitions in the city, Jingrui appears well-positioned to become a leading force in the Shanghai property market.