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Shanghai Shimao switches focus to malls from luxury appartements

June 7 (Bloomberg) — Shanghai Shimao Co., the luxury apartment developer owned by billionaire Xu Rongmao, will buy commercial properties for about 7.5 billion yuan ($983 million) in stock as the company switches its focus to malls and offices.

The Shanghai-based company plans to sell as many as 700 million shares to units of Shimao Property Holdings Ltd. at 10.68 yuan each in exchange for 4.07 million square meters (43.8 million square feet) of developments and 750 million yuan of cash, it said in a statement to the city’s stock exchange today.

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