Lanson Place, Shanghai

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 (Chateau Pinnacle and Lanson Place) for several billion yuan. In addition to putting the more than 100 service apartments in the city’s Xintiandi area up for sale,

Two other foreign property investors —  Australia’s Macquarie and HKR International of Hong Kong —  also have Shanghai residential apartment buildings on the market.

Morgan Stanley Real Estate Fund is also selling Chateau Pinnacle in the former French concession.

Local property brokers estimate the value of Lanson Place at no less than RMB1 billion ($145 million) at present market prices. Morgan Stanley purchased Chateau Pinnacle for about RMB800 million in 2006.

Source: Reuters