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Four investors open property equity fund

By Cai Xiao | chinadaily.com.cn | Updated: 2013-08-15 16:14

An investment fund that will be the first in China to retain equity ownership in the public rental housing market in Shanghai is ready to put roots down.

UBS Global Asset Management (China) Ltd, Shanghai Hongkou Public Rental Housing Investment and Administration Co Ltd and Taiping Asset Management Co Ltd will establish the fund, according to UBS on Thursday.

The private equity fund will invest in developed public rental residential properties in the Hongkou district, a residential community in Shanghai that is high in demand.

Taiping Asset Management, a subsidiary of China Taiping Insurance Group Co Ltd, is the lead private investor in the fund. UBS will be the fund’s investment manager while UBS SDIC Fund Management Co Ltd will function as fund manager.

The fund is positioned for a conversion into real estate investment trusts and be publicly listed in China, but regulatory bodies in the country have yet to consider such a financial move.

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