Property Giants Settle Dispute over Plot of Land in Shanghai

(Beijing) – Property giant Soho China says it has reached an out-of-court settlement with a rival developer over a dispute involving control of a firm that acquired an expensive plot of land in central Shanghai five years ago.

Soho China said in a statement on September 23 that it has sold its 50 percent stake in Shanghai Haizhimen Real Estate Investment Management Ltd. Co. to Fosun Group for 4.25 billion yuan, capping a four-year battle over control of the firm.