ING China fund raises $350m from global investors.ING Real Estate announced that the ING Real Estate China Opportunity Fund L.P. has raised a total of $350 million from leading international institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. from Asia, Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , Europe, Middle East and the US, as well as from high-net worth individuals through ING Private Banking. The COF is a private, closed-end, total return fund. Its investment objective is to invest in opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. projects with a focus on mid-range local housing developments in first and second tier cities in China China is a geographical area encompassing multiple territories, under two states. You may be looking for:
To date, the portfolio of the COF comprises a mixed-development joint venture with Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Forte Land in the Hong Kou district of Shanghai, as well as two local housing projects in joint venture with Raycom International in Changsha, the capital city of Hunan Province in the south of central China. In addition, a joint venture for a housing development with Gemdale Corporation in Tianjin is awaiting government approval. Shanghai Forte is the largest developer in Shanghai and Raycom is the real estate arm of Legend Holdings that owns the Lenovo/IBM brand of personal computers. Robert Lie, chief executive officer of ING Real Estate Investment Management Asia said, "We are very pleased with the response of international investors to our new fund. It underscores our belief that, despite the austerity Austerity See also Asceticism, Discipline. Amish conservative Christian group in North America noted for its simple, orderly life and nonconformist dress. [Am. Hist. measures announced by the Chinese central government in May and August of this year, aimed at cooling the real estate market in China, our strategy of focusing on local housing in first and second tier cities in China in partnership with local developers is the correct one." |
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