Mapletree Investment, the real estate branch of Singapore investment firm Temasek, has signed an agreement with China's Guangzhou Southern-Donald Technology to build seven blocks of high-end service apartments and a retail mall.
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Mapletree will hold 80 per cent of the US$320 million project. The development in Nanhai District of Foshan City, Guangdong Province, will be the third investment of the newly established Mapletree India-China (MIC) Fund.
The fund targets the growth potential and capital from the rapidly growing market in both China and India, with a fund size target of US$1.5 billion.
To date the MIC fund portfolio has US$585 million under its belt, including a residential and retail development project in China's Xi'an, and an office block in Beijing Central Business District. - CNA/vm
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