MSREF Invests in Shanghai Project

Morgan Stanley Real Estate Funds (MSREF) completed, on July 9, 2003, its co-investment with Yong Ye Group in the Jinlin Tiandi real estate project, a high-end residential development in Shanghai’s Luwan District, adjacent to the Xintiandi entertainment area. Jinlin Tiandi will comprise 90 apartments, 106 serviced apartments and 5,000 square meters of retail and entertainment area. The total project investment is estimated at US$90 million. The project is expected to be pre-sold by the end of 2003 and completed by 2005. Yong Ye is a real estate development investment company in Shanghai, owned by the Luwan District government.

MSREF was represented by Linklaters in Hong Kong and Shanghai, with a team that included Andrew Godwin, Betty Yap and Bryan Chan. Yong Ye was represented by in-house counsel Chen Ren, and by Goodmans LLP with a team headed by Leo Seewald in Hong Kong.