Mar. 9 – Morgan Stanley is divesting its mainland China property assets and has sold off US$700 million worth of assets in the past year, the latest being its 50 percent holding in a Foshan residential project, which it has sold back to the developer for US$25million.

Other sales that have taken or are taking place include Infinity Plaza, the Xujiahui Shama serviced apartment block, and Nanjing Road’s Exchange mall, all in Shanghai. This comes as mainland property growth rose 16.1 percent, with sales increasing 42.1 percent year on year. Over 930 million square meters of property were sold last year.

The Chinese government has been trying to put the brakes on property spending, but the market has managed to resist moves to slow price inflation so far.