Minsheng Investment Sells Shanghai Project to Greenland

China Minsheng Investment Group (CMIG) has sold its 50 percent stake in a mixed-use project in Shanghai’s South Bund area to Greenland Group for RMB 12 billion ($1.77 billion), disposing of the high-profile site at an apparent loss as it scrambles for cash following a bond default. CMIG, which is China’s largest privately owned investment group, is selling its remaining equity in the project along Dongjiadu Road in Huangpu district. The reported sale would value the riverside project, which is approved for construction of 701,900 square metres (7.6 million square feet) of above ground gross floor area, at RMB 34,192 per square metre of built space, or about 3.5 percent less than CMIG paid to acquire the land for the project in 2014.