Morgan Stanley to sell China property to Singapore’s Alpha

HONG KONG/SHANGHAI, Feb 2 (BestGrowthStock) – The property investment
arm of Morgan Stanley (MS.N: ) (Read more about the money market today. ) is in final talks to sell an
apartment complex in China to a unit of Singapore’s Keppel Land
(KLAN.SI: ), sources close to the deal said on Tuesday.

The overall value of the property is estimated at about 900
million yuan ($130 million). Sources would not disclose the total
value of the sale of the luxury apartment complex, which is
controlled by Morgan Stanley and partly owned by a local partner.

Alpha Investment Partners, a unit of Singapore’s No.3
developer Keppel Land, was in exclusive negotiations with Morgan
Stanley Real Estate Asia to purchase the Jinlin Tiandi complex in
downtown Shanghai, they said.

One of the sources said Alpha was the only bidder left after
several rounds of negotiations and that the deal was expected to
close within the next couple of months.

Executives at Alpha and Morgan Stanley declined comment.

If the deal is closed, it could be Alpha’s first investment
in mainland China, the sources said.

Investing Research

($ = 6.8 yuan)

Morgan Stanley to sell China property to Singapore’s Alpha