BlackRock unit forfeits on 780m yuan office complex

Agencies and staff reporter

A BlackRock fund forfeited a Shanghai office complex to Standard Chartered (2888) after it didn't make a loan payment for the property, according to insiders.

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 insiders, who asked not to be identified because the information is private.

BlackRock's fund took out the loan of about 780 million yuan (HK$832 million) for two towers it bought in 2018 at Waterfront Place in China's financial hub, they said.