HK property firm looks to mainland market
(Shanghai Daily)
Updated: 2006-09-21 14:35 Shama, a Hong Kong-based
serviced apartment owner and operator controlled by the Morgan Stanley Real
Estate Fund, said yesterday it will enter the mainland market with four deals
coming on line over the next two years.
The company's first managed property on the mainland will be a 31-story tower
with 100 apartments in Xintiandi owned by the Gateway Fund.
The fund, which is managed by real estate investment firm Gateway Capital
from the Middle East, bought the tower for about 600 million yuan (US$75
million) earlier this year from its developer Shui On Group.
The building, part of Shui On's Lakeville Regency complex, will be
operational under the Shama Luxe brand at the beginning of next year.
Pricy flats
Starting rents will range from US$3,400 a month for a one-bedroom flat to
US$7,500 a month for a three-bedroom suite, which equates to approximately
US$1.25 per square meter a day.
The other three deals, two in Shanghai owned by Morgan Stanley and one in
Beijing that is also owned by the Gateway Fund will open their doors after the
second quarter of next year.
| 1 | 2 |  |
(For more biz stories, please visit Industry Updates)
|
