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M.Stanley eyes China property sale for $366 mln -sources

Tue Aug 4, 2009 5:42am EDT

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HONG KONG, Aug 4 (Reuters) - Morgan Stanley Real Estate, the property investment arm of the U.S. bank (MS.N) is in advanced talks with developer SOHO China (0410.HK) for the sale of a top-end office building in Shanghai, sources said on Tuesday.

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Morgan Stanley Real Estate (MSRE), aims to sell The Exchange, an office building on Shanghai's Nan Jing Road, for around 2.5 billion yuan ($366 million), according to sources familiar with the matter.

MSRE bought Dong Hai Square for roughly 2 billion yuan in 2006 and later renamed the building as The Exchange.

Morgan Stanley declined to comment. A representative for SOHO China could not be immediately reached for comment. ($1=6.830 Yuan) (Reporting by George Chen; Editing by Chris Lewis)

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