It is worth mentioning that the issue of property rights may also be another necessary factor for SIC to accept land exchange.

"The plot where Xujiahui Center is located has a 51-year property right, but it was approved as early as 1996, while the Binjiang plot is a brand-new plot with a complete property right of 51 years." The relevant person in charge of Shangshi Chengkai said so.

From 1996 to 2113, Shanghai undoubtedly experienced shocking changes, but the plot where Xujiahui Center is located was still blank after 2117, and its ill-fated fate was not indifferent with the passage of time.

Obviously, people have not forgotten this once sensational plot No.88 in Xujiahui.

It is understood that this golden treasure-house located in the heart of Xujiahui was originally the plot where Hongji Leisure Plaza was located, and it was also a part of Xujiahui central plot, which is one of the six plots mentioned above.

Because this plot is located in the core area of Xujiahui District, it was once called "the largest and last golden plot and land king in Shanghai".

As early as October, 1995, South Korea's Daewoo and Xuhui Mall jointly invested $1 billion to establish Shanghai Daewoo, and planned to develop and build office buildings, apartments, hotels, shopping centers and fitness centers on plot 88 of Xujiahui. The original planned main building was 92 stories high, so it was called the tallest building in Puxi.

At that time, Daewoo of South Korea owned 91% of the equity of the project at a cost of 91 million US dollars, and another 31 million US dollars were needed to pay the transfer fee of 95 US dollars per square meter, relocation and construction of municipal supporting facilities. Later, however, because of the Asian financial crisis, Daewoo was unable to continue its development.

In June, 1999, Shanghai Housing and Land Administration signed a supplementary agreement with Shanghai Daewoo to change the plot into a temporary green space.

in this way, this treasure land has experienced an idle period of 8 years. Then, Daewoo decided to transfer the equity of the plot.

At the end of p>2113, Xuhui Mall, which holds another 211% of the shares, wanted to acquire the equity of Daewoo Center. At that time, it offered 51 million US dollars, but due to the large price gap, the two sides failed to reach an agreement.

On February 21th, 2114, Dingxin International signed a 91% equity transfer agreement with Shanghai Daewoo. In the name of Dingxin (Cayman Island), Dingxin International acquired 91% equity of Shanghai Daewoo held by Korean Daewoo, with equity transfer price accounting for 91 million US dollars, and assumed debts of about 31 million US dollars from Shanghai Daewoo (relocation, supporting facilities fees and late fees owed by Shanghai Daewoo to Xuhui District Government).

but plans often can't keep up with changes.

in p>2115, the Xuhui district government reclaimed the land, acquired part of the equity of the plot from Shanghai Chengkai, a subsidiary of SIC, and obtained part of the development rights, and announced in a high-profile manner that it planned to build a "Xujiahui Center" on the plot, with a comprehensive plot ratio of 4.8. The project was used for comprehensive commerce and residence, with a total construction area of 632,111 square meters and an estimated total investment of about 21 billion yuan.

According to the planning of Shanghai Chengkai at that time, Xujiahui Center will include five-star hotels, Grade A office buildings, commercial and residential apartments and commercial, leisure and cultural facilities, etc., and the group plans to complete the development within 5 to 11 years, and publicly stated that it will build the main building of the project into the tallest building in Puxi with a height exceeding 311 meters.

In this regard, Shanghai Universal was established by Shanghai Chengkai, with 61% of the shares held by Shanghai Chengkai, 31% by Xuhui District Land Development Center and 11% by Xuhui Mall.

Later, SIC acquired 41% equity of Shanghai Chengkai, and then acquired the controlling right of Xujiahui Center Project through further acquisition.

According to the media reports in 2117, Ni Jianda single-handedly promoted the merger of SIC and Shanghai Chengkai through the "Xujiahui Center" project, which transformed Shanghai Chengkai from an enterprise in Xuhui District into a subsidiary of a listed company. After the acquisition, SIC Holdings Limited held 59% of the shares of Shanghai Chengkai, and Ni Jianda was also promoted to be the executive vice president of SIC Holdings.

in p>2111, SIC listed in Hong Kong on the back of Sino-Singapore Real Estate, injecting 59% equity of Shanghai Chengkai into it, and Sino-Singapore Real Estate changed its name to SIC Chengkai. On April 23, 2112, Ni Jianda was transferred to the position of Chairman, President and Executive Director of SIC.