{"id":305869,"date":"2010-02-10T15:47:00","date_gmt":"2010-02-10T20:47:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/it-sure-sounds-like-goldman-just-wrung-the-bell-at-the-top-of-the-shanghai-housing-bubble-2010-2"},"modified":"2010-02-10T15:47:00","modified_gmt":"2010-02-10T20:47:00","slug":"it-sure-sounds-like-goldman-just-rang-the-bell-at-the-top-of-the-shanghai-housing-bubble","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/305869","title":{"rendered":"It Sure Sounds Like Goldman Just Rang The Bell At The Top Of The Shanghai Housing Bubble"},"content":{"rendered":"

\"Shanghai<\/p>\n

Just a little over two years after Goldman Sachs bought a Shanghai residential project for $190 million, the Wall Street firm is now poised to sell it for $328 million. <\/p>\n

A unit of the developer Shanghai Forte will buy Shanghai Garden Plaza for $328 million, Bloomberg reported this morning. The developer confirmed the purchase in a statement to the Hong Kong stock exchange.<\/p>\n

Bloomberg’s Cathy Chan reports:<\/a><\/p>\n

 <\/p>\n

Shanghai Garden Plaza was developed by Daito Trust Construction Co. of Japan and comprises 53 villa units and 511 serviced apartment units, CB Richard Ellis, a Los Angeles-based commercial real estate services firm, said in its report.<\/p>\n

Goldman Sachs is selling Shanghai Garden Plaza after Chinese real-estate prices climbed the most in 18 months in December and Premier Wen Jiabao pledged to crack down on speculation and keep housing affordable.<\/p>\n

Residential and commercial real-estate prices in 70 cities increased 7.8 percent from a year earlier in December, accelerating from a 5.7 percent gain in November, according to the government. China last month raised the amount of money banks are required to keep as reserves and re-imposed a sales tax on homes sold within five years of their purchase.<\/p>\n

Join the conversation about this story »<\/a><\/p>\n

See Also:<\/b><\/p>\n