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a leading real estate enterprise in China, is in talks with Morgan Stanley, a U.S.-based global financial services provider, to purchase an abandoned and unfinished property project, Shanghai Dong Hai Plaza, sources reported, citing a senior official of SOHO China. |
The unfinished project, located on Nanjing West Road in Jing'an District in Shanghai, has a potential floor area of 131,465 square meters (sq m) and includes a 52-story office building, a 138-room hotel and a shopping mall.
The Plaza was originally a computer workshop but has changed hands several times. In October 2003, Dong Hai Plaza was purchased by Shanghai Kai Kai Group for RMB 738 million. Greentown Group, a Zhejiang-based property company, bought the plaza for over RMB 1.28 billion and sold it for RMB 1.96 billion to Morgan Stanley in July 2006, China Knowledge reported.
Pan Shiyi, executive chairman of the board of SOHO China, mentioned in the company’s 2008 annual report that the firm has RMB 20 billion in cash and plans to purchase property projects in Beijing and Shanghai. However, the real estate developer did not purchase land in the first quarter of this year.