morgan-stanley-invests-in-agiles-hainan-project

Morgan Stanley invests in Agile's Hainan project

The property arm of the US investment bank pays $770 million for a 30% stake in a resort development project in an upcoming tourism area in China.

Sameera Anand

July 07, 2008

Hong Kong-listed property developer Agile Property Holdings has sold a significant minority interest in its Hainan development project to a Morgan Stanley investment vehicle for Rmb5.28 billion $770 million.

Morgan Stanley will make the investment by picking up a 30% stake in Crown Golden, a company created by Agile in February 2007 to develop the Hainan project, Agile said in a statement filed late on Thursday.

The project, a resort development in Lingshui in Hainan, near Sanya, will have a total floor area of 9.86 million square metres and will be developed in two phases. Morgan Stanley is investing in the first phase. The US investment bank has also negotiated a first right of...

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