Big news: The global financial giant BlackRock has sold two office buildings in Shanghai. The reason? They didn’t want to repay their bank loans. BlackRock, known for its top-tier traders and elite teams, couldn’t make a profit in China’s A-share market and decided to step away. Not only is BlackRock pulling out of the financial industry in China, but it’s also exiting the real estate market entirely. An interesting detail here is that BlackRock handed over the buildings to Standard Chartered Bank at a price of 28,000 yuan per square meter as repayment. They seemed to think that was a better option than repaying the loan.
