US banks deny real estate sell-off
SHANGHAI: Major US financial institutions yesterday denied reports that they are planning to sell lucrative properties in Shanghai in order to maintain an adequate cash flow during the ongoing global credit crunch.
After taking a hit from the biggest financial turmoil in recent memory, Morgan Stanley has moved to put its Shanghai properties up for sale, including Jinlin Tiandi Residences, Pinnacle Century Park, and Anxin Business Plaza, according to a report in the Wall Street Journal.
In addition, local newspaper Oriental Morning Post reported that Citibank has decided to sell two apartment buildings in Minhang district, Lehman Brothers intended to market Fu Hai Tower, which was co-purchased with Hong Kong-listed Capital Strategic Investment Ltd, and Merrill Lynch is looking for buyers for its projects on Nanjing Road West.
