The liquidators of Lehman Brothers' Chinese property portfolio have moved swiftly to divest the bulk of the holdings amid concerns over the outlook for commercial real-estate values in Shanghai.
KPMG yesterday revealed that it had disposed of seven out of nine Chinese property-related loans and bonds, generating proceeds of more than $200m for creditors of the failed US bank.
The transactions, which achieved an average recovery rate of 80 cents in the dollar, represent the first major disposals from the extensive global real-estate portfolio built up by Lehman.
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