By Sameera Anand | 7 July 2008 The property arm of the US investment bank pays $770 million for a 30% stake in a resort development project in an upcoming tourism area in China. Hong Kong-listed property developer Agile Property Holdings has sold a significant minority interest in its Hainan development project to a Morgan Stanley investment vehicle for Rmb5.28 billion ($770 million). Morgan Stanley will make the investment by picking up a 30% stake in Crown Golden, a company created by Agile in February 2007 to develop the Hainan project, Agile told reporters at a press conference on Friday. The project, a resort development in Lingshui in Hainan, near Sanya, will have a total floor area of 9.86 million square metres and will be developed in two phases. Morgan Stanley is investing in the first phase. The US investment bank...
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