China Overseas Land & Investment has revived a plan to launch a real estate fund management unit to raise as much as $800m for investment in the mainland property market.
The Hong Kong-listed mainland developer, controlled by the Ministry of Construction, said the group would make some progress in setting up the fund this year.
Last year, China Overseas Land planned to capitalise on its connections and expertise in the domestic property market through a private equity fund to compete with international investment banks such as Morgan Stanley and ING.
'We planned to launch the fund last year. However, it was postponed as Europe and the US were hit by the global financial crisis [in the fourth quarter],' said China Overseas Land vice-chairman and chief executive Hao Jianmin.
South China Morning Post