The world’s largest asset manager BlackRock is selling its last major asset in Shanghai for two-thirds of what it paid, as it beats a retreat from the country’s battered property market.
The US firm is selling Trinity Place, a 27-storey office tower on Changshou Road in Shanghai’s Putuo District for 900 million yuan (US$124 million), according to sources familiar with the matter. The asking price is 34 per cent lower than what it paid in 2017 to acquire what was then called Central Park from Hong Kong Shanghai Alliance Holdings, according to the Post’s calculation based on a stock exchange filing.
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