[photopress:yangtze_river_bridge_wuhan.jpg,full,alignright]Chinese developer Shimao Property Holdings has sold a 29.99% stake in the Wuhan Shamao Splendid River development, (the bridge over the Yangtze at Wuhan is shown in our illustration) in China’s central Hubei province to Morgan Stanley Real Estate Fund for RMB1 billion. The project has residential, hotel and office spaces. Shimao Property expects a profit of RMB740 million from the sale.
Shimao Property Holdings raised HK$3.72 billion in its Hong Kong IPO in July last year. It has commercial and residential properties in first-tier mainland cities like Beijing, Shanghai, Hangzhou and Shenyang. Morgan Stanley Real Estate Fund owns a 5% stake in Shimao Property.
Source: Market Watch