Real Estate
BlackRock Fund Gives Up China Towers After Missing Loan
- Firm failed to sell towers at a discount, people familiar said
- China’s commercial property sector is in a severe downturn
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A BlackRock Inc. fund forfeited a Shanghai office complex to Standard Chartered Plc after it didn’t make a loan payment for the property, according to people familiar with the matter.
A fund unit of the New York-based asset manager opted not to make a payment for a syndicated loan led by Standard Chartered due at the end of September, said the people, who asked not to be identified because the information is private.