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Morgan Stanley Invests In Chinese Serviced Apartments
February 15, 2008 |
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Morgan Stanley's Shama serviced apartments have recently opened in Shanghai.
The property consists of 219 apartments ranging in size from 96 to 225 square meters. Each apartment has a kitchen, DVD, free Internet access, as well as other convenient facilities. The apartments are priced from RMB22,000 to RMB54,000 per month, and focus on business travelers who usually stay for a long term.
At present, Shama has several projects in Hong Kong. Last year, Shama entered the China mainland market. It plans to open a property in Beijing this March, open another in Hong Kong's Fortress Hill in the second quarter of 2008, and open in Dalian in the fourth quarter. It is expected to own a total of 1,165 apartments in Asia by the end of this year. By 2010, Shama plans to have 50 projects in Asia.
According to local media, Shama launched the first boutique serviced apartment in Hong Kong in 1996. In 2001, the brand of Shama was formally founded. In 2006 Morgan Stanley acquired a major shareholding in Shama which, together with Gateway Capital, makes them the second largest shareholders.
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