Goldman Sachs is in talks to sell a residential property investment in Shanghai for more than $300m as it seeks to take profit in the mainland's property market before expected policy risks emerge next year, say sources familiar with the decision.
Goldman, which bought Garden Plaza from Japanese developer Daito Trust Construction for 1.43 billion yuan (HK$1.62bn) in 2007, declined to comment.
The development is on Hong Qiao Road in Changning district and comprises 53 villas and 511 apartments. The total gross floor area is 97,227 sq m, comprising 87,385 sq m of residential space and 2,370 sq m of non-residential space including indoor and outdoor swimming pools, a golf driving range and other recreational areas.
South China Morning Post