Chinese developer Yuexiu Property said Monday it sold one of the world's tallest buildings, Guangzhou International Finance Center, into its affiliated real estate investment trust for 8.85 billion yuan ($1.4 billion).
The Yuexiu REIT will pay the developer to take over a 99 percent stake in the Guangzhou IFC, Reuters reports. It will pay $9,999 in cash and take on the rest in debt.
The Guanzghou IFC, completed in 2010, is the world's 10th-tallest building, according to The Skyscraper Center. The 457,357-square meter (5,000,000 square foot) project includes a shopping mall, luxury hotel and 58 floors of office space.