PROPERTY investment firm Lucky Man Properties is paying $358.8 million for a stake in the Butterfly Garden development in Shanghai's Hongkou district. The company describes it as a ''short-term investment''. Construction starts next month and pre-sales of the development begin in December. Lucky Man is buying Stylerich, a company whose only asset is a 60 per cent stake in Rinsan Investments. Rinsan in turn owns 85 per cent of the company developing Butterfly Garden with mainland partners. Lucky Man also said that the conditions for its purchase of Silver Mountain, which owns properties in Central, had not been fulfilled. It said that apart from these two deals it knew of no reason for the wild share trading before its suspension earlier in the week. The company has been promised a seat on the board of Stylerich, Rinsan and the developer.
