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HAINAN ISLAND, CHINA-Morgan Stanley is paying $774 million to gain a 30% interest in China-based Agile Property Holding Limited’s development here of a vacation resort. Called the Hainan Qingshuiwan Project, the development is reported by local media to have an area of 9.7-million sm.

Both firms are partnering on the development of the resort. It has been reported that the project will include two 18-hole golf courses and six five-star hotels, two of which will begin construction by the end of the year.

Agile has resorts and other residential-commercial properties under development throughout China. Its deal with Morgan Stanely prompted Moody’s to affirm Agile’s “Ba3″ corporate rating.

In March Morgan Stanley Fund acquired Shinsei Bank’s Tokyo headquarters for about $1.5 billion. The month before, Morgan Stanley and Starwood Capital Group sold a Westin hotel here to Singapore-based GIC Real Estate.

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