| An arm of investment bank Morgan Stanley is nearing the end of talks to sell a Chinese apartment complex to a unit of Singaporean real estate firm Keppel Land, sources reported.
The apartment complex is reportedly valued at about US$130 million, though the sale price remains unknown. The complex is partly controlled by a local partner.
It was also reported that Morgan Stanley Real Estate Asia plans to sell a complex called Jinlin Tiandi in downtown Shanghai to Alpha Investment Partners, a unit of Singapore’s third-ranked developer Keppel Land.
The complex comprises apartments with overall floor space of about 19,000 square meters, a 1,300-sq m clubhouse and a parking lot. The deal, expected to close in April, will mark Alpha’s first investment in mainland China.
Seeing the booming property market in mainland China, foreign investors are expanding their business there. Meanwhile, they are closely watching as the Chinese government moves to curb upward prices to prevent a bubble from forming. |
