Morgan Stanley Real Estate Funds (MSREF) entered a US$50 million luxury real estate joint venture project with Shanghai Forte Land. The project, MSREF's second major investment in Shanghai's real estate market, is a 500-apartment complex in the city's Huangpu district.
MSREF said that it was interested in broadening its investment in Shanghai and elsewhere in China, adding that finding the right partner was crucial for future products.
In July 2003 MSREF formed a partnership with Shanghai-based Yong Ye Group and two Singaporean companies to invest in the Jinlin Tiandi project, located next to Shanghai's well-known Xintiandi entertainment, retail, office and residential development. Jinlin Tiandi is scheduled to be completed by 2006. It will have 90 apartments, 106 serviced apartments and 5,000 square meters of retail and entertainment space.