Morgan China raising $10 billion for a global property fund
- China
- 09/03/2008
Morgan Stanley is raising $10 billion for a global property fund and plans to put $1.5 billion or more of that into China, shrugging off concern about a property market downturn. It will invest at least 10 billion yuan, or $1.46 billion, in China over the next few years, taking a gradual approach while focusing on the largest cities, like Shanghai, where the price for a luxury downtown apartment can exceed $20 million. The retail portion of the fund-raising had been completed with a minimum requirement of $1 million for individual investors in Asia.
