UK real estate development and investment firm Grosvenor will sell one of its residential properties in Shanghai and buy a retail property, Dow Jones reported. Luxury property Grosvenor Place is the most recent property to be sold by the firm due to low rental yields of luxury apartments in first-tier cities. Both Grosvenor Place and a second luxury property, Belgravia Place, will be sold unit by unit. The firm will retain the lower-priced Chester Court in Gubei district, as its rental yields are higher. Though the details have not been provided, Grosvenor’s US$600 million China retail property fund will make its first investment soon and should be fully invested within the next 18 months to two years.
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