Singaporean developer creates $1bn commercial property fund
17 July 2008
Singapore-based CapitaLand has set up a US$1 billion private equity fund focusing on commercial property projects in China, Bloomberg reported. The Raffles City China Fund will initially have assets worth around US$2 million. These assets include CapitaLand's 55.9% stake in Raffles City in Shanghai as well as stakes in three projects being built under the same brand in Beijing, Chengdu and Hangzhou. CapitaLand will hold 50% of the fund with the remainder being made by financial institutions and pension funds in Asia, Europe and North America. CapitaLand said the fund, which has the option of closing in December, may grow to as much as US$1.3 billion.