Soho China Says Fosun Claims In Shanghai Land Suit 'Unsubstantiated'
05/31/2012| 07:54am US/Eastern
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Chinese commercial property developer Soho China Ltd. (0410.HK) Thursday defended its planned acquisition of a 50% interest in a Shanghai property development project, saying claims by Chinese conglomerate Fosun International Ltd (0656.HK) in a lawsuit were "unsubstantiated".
Soho China's comments came after Fosun International earlier Thursday said it filed a civil suit in a Shanghai court to protect its preemptive rights in a proposed acquisition of land near Shanghai's prestigious Bund, raising the stakes in the battle for control of the prime commercial site.
Fosun International owns half of the site and the other half was sold to Soho China last year by units of Fosun's former partners Greentown China Holdings Ltd (3900.HK) and Shanghai Zendai Property Ltd (0755.HK). Fosun claimed the land parcel should have been offered to it first.
Soho China said in a statement it hadn't received any formal court documents regarding Fosun's claims, but it believed certain of its units involved in the acquisition might be named as defendants in the suit.
However, it said it believed the acquisition didn't involve a breach of any preemptive rights.
-By Joanne Chiu, Dow Jones Newswires; 852-2802-7002; joanne.chiu@dowjones.com
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