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SHANGHAI-New York City-based investment banking firm Carlton Group is continuing a hotel and casino partnership it started with Stanley and Partners, based here, and the companies have formed a joint venture. The JV will specialize in structured equity finance and private placement, investment sales, project fund management, research and appraisal consultation, and asset management.

Stanley & Partners was founded here with the ambition to build China’s premier real estate investment banking service firm with international practices and concentration on domestic opportunities. The JV is part of Carlton’s strategy in expanding its global access and influence in the global capital markets, said Carlton chairman Howard Michaels in a recent press release. He did not return a call for comment for this story.

Another benefit of the JV, he said in the release, is that with the present market conditions, where local property values have dropped, his company is seeing an increasing number of overseas investors looking for US investments. Real estate returns are now much greater than what they had been in the past few years, Michaels said.

The two companies had worked together in two hospitality and casino transactions in Macau. Another $500 million of additional transactions are in the pipeline for the JV, Michaels said.

Carlton has been steadily increasing its global position. The firm opened an office in Tel Aviv, plans to open another in London and is close to finalizing a venture with another investment banking firm, this time in India, Michaels said in the release.

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