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Morgan Stanley Sells Its First Property In Shanghai
June 6, 2008 |
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Morgan Stanley plans to sell its first property in Shanghai "Jinlin Tiandi" for CNY1.1 billion.
This is the first time Morgan Stanley has put a property in Shanghai on sale, whereas the company has invested in projects there for five years.
The property "Jinlin Tiandi-Yayuan" is the first project invested in by the Morgan Stanley Real Estate Funds in Shanghai, and was jointly developed with Shanghai Yongye Enterprise (Group) Co., Ltd. The property is located at the intersection of Madang Road and Xingye Road, close to Xintiandi. It comprises two towers including a residential tower and a serviced apartment with a total of 90 residences and 106 serviced apartments as well as a 5,000-square-meter shopping area.
The part put on sale includes 106 serviced apartments covering 18,538 square meters, a 1,300-square-meter club and 50 parking lots. Morgan Stanley has owned Jinlin Tiandi for about five years.
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