Date
18 October 2017

Chow Tai Fook Endowment buys into Dubai property, WSJ says

Pearl Dubai, the developer behind a major mixed-use project in the United Arab Emirates, said on Monday that it has sold a large part of the project to Hong Kong-based Chow Tai Fook Endowment Industry Investment Development (CTFE) for US$1.9 billion, the Wall Street Journal reported Tuesday. CTFE has purchased two hotels and a number of high-end residences and serviced apartments on the Dubai Pearl, a 20 million square-foot development in the Media City area of Dubai, the paper said, citing a report by Zawya Dow Jones. The assets will be used in part for CTFE, and partly will be resold to Chow Tai Fook Endowment clients in the Asia-Pacific region who are seeking rental returns and appreciation of real estate values, according to the report.

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