| Carlyle to sell 57 villas in Shanghai for RMB 755 mln |
Carlyle Group, a global private equity investment firm based in Washington D.C., plans to sell 57 villas in Minhang District, Shanghai for a total of RMB755 million to a real estate developer Tian An China Investments Co Ltd (0028.HK).
Inside sources disclosed that Tian An China Investments would purchase the 57 villas, which have an average floor area of 351 square meters, for RMB37,750 per sq.m on gross floor area or RMB13.25 million per villa.
Carlyle Group spent a total of US$120 million or RMB950 million to purchase 110 villas in Minhang District at the end of 2006. The average price was about RMB20,298 per sq.m or nearly RMB9 million per villa.
Reportedly, Greentown China Holdings Ltd (3900.HK) has sold 90 of the 102 villas in the nearby Rose Garden project for RMB23.37 million per villa on average. In September, three villas in the Rose Garden project sold for RMB58,762 per sq.m. |
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