MAPLETREE, a real estate unit of Singapore investment company Temasek, said yesterday it is developing property worth US$320 million in China's Guangdong through its private real estate fund.
The Mapletree India-China Fund will have an 80 per cent stake in the project, which includes seven blocks of serviced apartments and a mall, while Guangzhou Southern-Donald Scientific Technology Co owns the remainder, Mapletree said in a statement. Mapletree said the newly launched fund has raised US$1 billion so far, half from Mapletree and the other half from an unidentified international institutional investor. The targeted fund size is about US$1.5 billion, it said.
The 33-hectare project in the Nanhai district of Foshan city is the fund's third in China, and also includes a business park. Named Nanhai Business City, it will be built over five to eight years. The two earlier investments are a US$144 million residential and retail development in Xi'an and the US$121 million acquisition of an office block in Beijing's central business district, it said. - Reuters
This article was first published in The Business Times on May 27, 2008
