[photopress:property_Duke_of_Westminster.jpg,full,alignright]The Duke of Westminster’s property developer is gearing up for a $1 billion Chinese property fund. Note that the duke owns much of central London and a few years back asked for a special act of Parliament exempting his estate from death duties so that it could retain its appalling inequalities for generations to come. He was told to go away.
Now Grosvenor, the Duke of Westminster’s property developer and fund manager, has bought a pair of luxury housing blocks in Shanghai as it gears up for a $1 billion Chinese property fund.
Grosvenor paid about $80 million for the two towers in the Lakeville Regency, part of 91-acre Tai Ping Qiao development complete with lake and park.
Grosvenor, which manages £11 billion of assets world-wide, only made its first investment in China this April, buying a 12 storey- building with 105 units in the wealthy Gubai area of Shanghai.
Nick Loup, managing director of Grosvenor’s Asia-Pacific business said, ‘We are planning a significant business in China over the long term . . . we would expect Lakeville Regency to remain a key part of our portfolio for many years to come. We may never sell this ever.’
Source: The Times