China Overseas Land and Investment, the Hong Kong-listed flagship of the Mainland construction ministry, is allied to a JP Morgan real estate fund to develop a $230 million project in the Luwan district of Shanghai. (The illustration is of part of the Luwan district, not of this projected development.)
China Overseas Land & Investment said it had sold to the U.S. company for $67 million a 50% stake and shareholders’ loan in a company called Big Profit Enterprises, which owns the land-use rights of the site covering an area of 24,705.4 square meters.
The project is the fund’s first real estate investment. The South China Morning Post reported that JP Morgan did not comment on the deal.
Source: China Knowledge