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Shimao Property sells stake in project

(China Daily)
Updated: 2007-04-13 09:06

Shimao Property Holdings Ltd, a developer controlled by billionaire Xu Rongmao, said it is selling a 30-percent stake in a property project to an equity fund managed by Morgan Stanley for 1 billion yuan.

The residential, hotel and commercial project in Wuhan, Central China, has a gross floor area of 1.82 million square meters, Shimao said in a statement to the Hong Kong stock exchange yesterday. The development will be divided into four phases and will be completed by 2011, the company said. It will have a registered capital of $114.3 million when the transaction is completed, Shimao said.