Oversea-Chinese Banking Corp. (OCBC) has taken over Shanghai International Group Plaza Co. for $48.73 million, Fox Business reports. The office building acquired by the Singapore bank is in Shanghai’s Pudong area.
The China-incorporated company has been acquired from the Shanghai Municipal Government. Additionally, OCBC will also pay back $92.74 million in existing net shareholder loans, bringing the total consideration to $141.47 million. OCBC will use the building as headquarters for its China business.
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