SINGAPORE: CapitaLand has set up its second property development fund focused on China. The size of the CapitaRetail China Development Fund II is about US$600 million or S$900 million.
CapitaLand has a 45 per cent stake in the fund, with the remaining stakes held by insurance companies, pension funds and corporations.
The fund will invest in retail mall development projects in China.
The Singapore developer has also sponsored the CapitaRetail China Incubator Fund, which has a fund size of US$425 million or S$638 million, established to warehouse retail properties.
SGX-listed CapitaRetail China Trust has a right of first refusal to the assets in CapitaRetail China I, CapitaRetail China II and CapitaRetail China Incubator. - CNA/ac
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