Morgan Stanley looks to sell high profile Shanghai properties
17 September 2008
US-based investment bank Morgan Stanley, one of the biggest foreign investors in China's real estate sector, is looking to sell two high-profile blocks of Shanghai luxury residences, prompting speculation that the market has reached its peak, the Wall Street Journal reported. In addition to putting the more than 100 service apartments in the city's Xintiandi area up for sale, Morgan Stanley also recently rejected an offer to buy a third Shanghai tower. Two other foreign property investors - Australia's Macquarie and HKR International of Hong Kong - also have Shanghai residential apartment buildings on the market. Yesterday, a government agency said an index of home prices in 70 major cities posted its first month-on-month reduction in August, including a 0.2% drop in Shanghai.