Morgan Stanley has received over 20 bids for its Australian real estate unit and the US firm could rake in more than A$3bn (£1.55bn, €2.17bn, $2.32bn) from the sale of Sydney-based Investa Property Group.
Bankers running the sale -- Morgan and UBS -- have closed a first round of bids this week with more than 20 expressions of interest, Reuters reported.
Investa Property drew bids from Asia, including China's Fosun International and sovereign wealth fund China Investment Corp (CIC), the news agency added.
The realty arm also drew bids from the US, South Africa and Australia.
Bids will be shortlisted before a final bid deadline of 31 May.
The sale is expected to be completed by the end of 2015.
Morgan Stanley could also examine the option of splitting Investa, selling off its assets in separate deals.
Pursued by Reuters, Morgan Stanley refused to comment while Fosun and CIC did not immediately respond to an email seeking comment.
As many as 50 parties requested due diligence on Investa when the sale process began in February.
Investa's assets include office buildings in Sydney and Melbourne, alongside management contracts for property worth A$6bn.