Grosvenor Pays CNY500M For 2 Buildings In Shanghai - Report

British property developer Grosvenor Group Ltd. has bought two luxury residential buildings in Shanghai at an estimated price of CNY500 million, the Shanghai Securities News reported Monday, citing unnamed sources. The buildings, based in Shanghai's fashionable Xintiandi district, have a total area of 8,919 square meters, the newspaper said.
The former U.K. Tory Party treasurer Lord Marland and the billionaire Reuben brothers could join forces to make a $3 billion bid for Orient-Express Hotels Ltd. (OEH), according to The Times in London on Monday. The Reubens are expected to confirm within the next few days that they have built a stake of at least 5% in the New York-listed group, while Marland is also believed to have acquired a small holding, the newspaper said. Although the two parties are understood to be looking at Orient-Express separately, Marland is known to be friendly with the Reubens and is expected to discuss the possibility of joining forces to fund a management buyout of the business, The Times said. Neither could be reached for comment, according to the newspaper.