Headquartered in Guangzhou, the Chinese property developed R&F Properties (富力地产) has sold its 50% stake in the Thames City scheme at Nine Elms in London to its joint venture partner CC Land Holdings for nearly CNY 2.1 Bn.
The project, now known as "Thames City", or Nine Elms Square, is located in the south of Nine Elms Lane in London, England, with a total site area of approximately 449,000 square feet and a total saleable area of approximately 1.7 million square feet.
It has a total site area of approximately 449,000 square feet and a total saleable floor area of approximately 1.7 million square feet. The Thames City project site was originally owned by Wanda Group, one of Chinese multinational conglomerates.
In August 2017. Wanda abandoned its acquisition of the large development site. Later, R&F Properties and C C Land Holdings (中渝置地)took it over for USD 4 billion, with each party owning a 50% stake. Now R&F Properties agreed to sell the project known as "Thames City" for a consideration of USD 340 million to C C Land Holdings
According to the company, the Thames City is a mixed-use conglomerate development that includes 12 residential towers, a park and other facilities, such as a clubhouse, landscaped gardens, restaurants, retail stores and commercial space.
The first phase of the property, which includes three residential towers, has been launched for pre-sale in 2020 and other construction work is still in progress as of the date of this announcement.