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Article: MACQUARIE GROUP TO SELL OFF SHANGHAI UPSCALE PROPERTY
- Article from:
- AsiaInfo Services
- Article date:
- January 7, 2009
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AsiaInfo Services
01-07-2009
Macquarie Group to Sell off Shanghai Upscale Property
SHANGHAI, Jan 07, 2009 (SinoCast Daily Business Beat via COMTEX) -- Australia's biggest investment bank Macquarie Group intends to sell a Shanghai-based hotel for CNY 300 million, 25% lower than the CNY 400 million that the company paid for the property three years ago.
Although such a low price has attracted many buyers, some other buyers continued to force the price down to CNY 270 million to CNY 300 million, according to people close to the deal. Luckily, the Australian dollar has declined 20% to 30% by now. The Australian company will not lose as much as estimated. CNY 300 million equals about AUD 61.5 ...