UK's Grosvenor seeks Shanghai sites for China office project

Hong Kong

GROSVENOR Group, the real estate firm owned by the Duke of Westminster's family, is looking to bid for land in Shanghai for its first large-scale development in China amid falling property prices.

The company wants to build prime offices for long-term investment on the sites, Nicholas Loup, Grosvenor's departing Asia chief executive officer, said in an interview on Wednesday. It will probably work with partners and may bring in investors such as pension or sovereign funds, he said.