Shanghai Industrial Limited to buy luxury projects in Shanghai

Shanghai Industrial Holdings, which opened 0.14% to HK $36.15 this morning, sold 260,000 shares, with limited news of a huge investment in the development rights of Shanghai's luxury-property projects.　　The company announced that buy some of the right to land in the Bay House mansion near the 2010 Shanghai World Expo site in RMB 2 billion, and say the move is in line with its strategy to expand real estate investment, with a high rate of return of about 900 million yuan in the 3-year period starting in 2009, with an annual return of nearly 15%. Shanghai industry also said that the company is expected to further expand the investment scale of existing real estate business through market acquisition and parent company injection of assets. But Shanghai industry has risen more than twice this year, or has digested expectations of strong business and profit growth.