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Bund property sparks legal dispute

(Global Times)

07:25, June 01, 2012

Fosun International said Thursday that it has started civil actions against several Chinese developers over the acquisition of a plot of land on Shanghai's Bund.

The suit, filed in a Shanghai court, has six defendants, including SOHO China, Greentown China Holdings and Zendai Estate.

SOHO China said last December that it had bought a 50 percent stake in a Shanghai commercial project for 4 billion yuan ($628 million) from Greentown China Holdings and other firms. However Fosun, which owns the remaining 50 percent stake, said it had a preemptive right to buy the other half. Zendai Estate has made no comment on the issue.

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