Morgan Stanley to sell property building in HK
The U.S. investment bank Morgan Stanley is in the final round of talks with an investor to sell its DBS Building in Hong Kong for around HK$700 million or HK$7,717 per square foot, and expects to finalize the deal soon, the South China Morning Post reported Tuesday, citing unnamed sources as saying.
In March 2006, Morgan Stanley teamed up with Pamfleet to buy the building for HK$655 million, or HK$7,221 per square foot, from DBS Bank.
Local real estate agents noted that Morgan Stanley had gained attractive rental income over the past few years, according to the report.
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