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Real Estate Briefing - Categorized | Finance, Performance more

China’s luxury-property bust stings J.P. Morgan

Posted on 24 October 2012

A luxury apartment building that is one of the most visible casualties of China’s high-end property bust is up for auction in the northeast city of Dalian, after a bank foreclosed on the property.
The 48-floor Park Central was owned by a fund run by J.P. Morgan Asset Management, which invested $80 million in the property. But the asset manager lost the property when U.K.-based lender Standard Chartered, which provided the majority of a roughly $140 million loan, foreclosed over the summer after sluggish sales put it in violation of loan covenants, according to people with knowledge of the matter………………………………………..Full Article: Source


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