Goldman Sachs plans to sell a Shanghai residential project it’s owned for more than two years to a Hong Kong-listed Chinese property developer, said two people with knowledge of the matter.
The New York-based bank’s real-estate fund is selling Shanghai Garden Plaza, the people said, asking not to be identified before an announcement which may come as early as this week. Goldman Sachs purchased the development in 2007 from a Japanese company, one of the people said, declining to identify the seller.
Goldman Sachs bought the 97,810 sq-m (1.05m sq-ft) project in Shanghai’s Hongqiao district for about $190m, according to a CB Richard Ellis Group Inc. report in April 2007. Shanghai Garden Plaza was developed by Daito Trust Construction Co. of Japan and comprises 53 villa units and 511 serviced apartment units, the Los Angeles-based commercial real estate services firm said.
A spokesman for Goldman Sachs in Hong Kong, declined to comment.