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Shama set to increase portfolio in China

SHAMA, a boutique serviced apartment operator whose major shareholders include Morgan Stanley Real Estate and GAW Capital, will expand its China portfolio today when it adds two new residences in Shanghai.

Two Pinnacle-brand serviced apartments, one in Pudong New Area and one in Puxi, both owned by Morgan Stanley, are set to be rebranded as Shama Century Park and Shama Luxe Huashan today, Shama said in Hong Kong yesterday.

Morgan Stanley Real Estate decided to rebrand to consolidate its serviced apartments offering under the Shama brand to realize a strategic growth plan that aims to make Shama a market leader in Asia.

Under the plan, Shama, which now operates more than 12 properties in prime commercial and residential districts in Hong Kong, Shanghai and Beijing, will lift its portfolio to at least 40 properties in Asia by 2011 with more than 75 percent of them in China.

The company said it plans to open new properties in Chengdu and Dalian on the Chinese mainland as well as Bangalore in India in 2009.

Shama first entered the mainland market in March 2007 when it opened Shama Xintiandi in Shanghai.


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