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Grosvenor to Refocus on China Retail
International real-estate development and investment firm Grosvenor announced on 15 October 2009 that the firm plans to sell a luxury residential property in Shanghai and is close to completing the purchase of a retail property in the city. Rising capital values and compressing rental yields encouraged the firm to start selling some of its residential property investments in China in August. By mid-October, Grosvenor had sold 25 out of 38 units in Grosvenor Place near Xintiandi. The company originallu purchased Grosvenor Place in 2007. The company will also sell its other luxury residential property in Shanghai, Belgravia Place, which was purchased in 2008 through a 50-50 joint venture with SEB Asset Management AG. Another Grosvenor property Chester Court in Gubei District is unlikely to be sold due to the higher yields the building is able to achieve. Grosvenor’s existing USD 600 million China property fund is expected to be focused on China’s rapidly growing retail market and will be fully invested over the next two years.
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