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CapitaLand sets up 1.5 bln USD fund for China projects

Xinhua, October 25, 2016 Adjust font size:

Singapore-based property company CapitaLand Limited has set up a fund of 1.5 billion U.S. dollars to invest in prime integrated developments in China's major cities, announced the company on Tuesday.

CapitaLand said the third integrated development private investment vehicle in China, known as Raffles City China Investment Partners III (RCCIP III), marks the largest private capital raise by CapitaLand has originated.

The property company said that CapitaLand will subscribe for a 41.7 percent sponsor stake in RCCIP III, which has a life of eight years, while the remaining interests will be held by major investors from Asia, North America and the Middle East, including new and existing investors.

CapitaLand's Chief Financial Officer Arthur Lang noted that with the third fund, CapitaLand now manages 16 real estate private platforms and five real estate investment trusts with assets under management (AUM) worth over 45 billion Singapore dollars (32.3 billion U.S. dollars).

"RCCIP III brings us closer towards our goal of raising funds with a total AUM of up to 10 billion Singapore dollars (7.19 billion U.S. dollars) by 2020," added Lang.

CapitaLand has invested in five Raffles City developments in China, namely Shanghai, Beijing, Chengdu, Ningbo and Hangzhou, under the 1.18-billion U.S. dollar Raffles City China Fund, as well as a 1.03-billion Singapore dollar (740-million U.S. dollar) vehicle in a Raffles City project in Changning district in Shanghai. Endit