
A fight is brewing between two of China's biggest property developers as they wrestle for control of a prime commercial real-estate site in the heart of Shanghai.
Beijing-based Soho China Ltd. and Shanghai's Fosun International Ltd. signaled they may square off in court as a property market downturn forces weaker players to sell off prime properties to raise cash—and in turn serves up bargains for those companies with deeper pockets.
Soho set the stage for the battle on Thursday when it announced it was paying four billion yuan, or US$632 million, to buy 50% of a Shanghai commercial project from two struggling developers who were partners with Soho rival Fosun on the project.
BizChina