Following the Dutch PGGM's decision to invest US $ 75 million in the Chinese real estate market, UBS Global Asset Management and Gemdale announced on December 8 that the second phase of the real estate fund fundraising initiated by the two companies has been successfully completed. UBS and Gemdale hope to get support from Dutch investors, so that the scale of this Chinese real estate investment plan will reach nearly 200 million US dollars.
The first fundraising of this joint venture program was completed on March 31, 2010, and the fund raised exceeded US $ 100 million. The investment direction of this plan is residential development projects in China's first-tier and some second-tier cities, with a focus on regional decentralized investment in China. Gemdale Group is a more experienced residential developer in China and has invested $ 4,500 in two residential development projects through this fund. Following the completion of the residential sales project, the first phase of investment is expected to withdraw in the first quarter of 2011. The additional capital will enable this joint venture plan to find other attractive development opportunities in China's residential real estate market.
Speaking of the completion of the second fundraising, Gemdale Group Chairman Ling Ke said: "PGGM's commitment not only shows our full confidence in China's residential development market, but also shows that this investment fund is suitable for foreign institutional investors. This cooperation will create value for our partners and meet their strategic asset allocation needs. "
John Fraser, Chairman and Chief Executive Officer of UBS Global Asset Management, added: "More capital investment strongly proves the success of our cooperation with Gemdale and the confidence of investors in our investment project. The additional capital will make this A joint venture plan can find other attractive development opportunities in China's residential real estate market. "
Information shows that UBS Global Asset Management is a large asset management institution with multiple capabilities, multiple distribution channels, and multiple businesses in multiple regions. The investment functions and methods provided cover all major traditional and alternative asset classes, including stocks, fixed assets, currencies, hedge funds, real estate, and infrastructure investment capabilities, which can also be combined with multiple asset strategies. As of September 30, 2010, the company's total investment assets reached 577 billion US dollars, is Europe's leading fund company, Switzerland's largest mutual fund manager, is also the world's largest hedge fund and real estate investment management company.
The Gemdale Group and its subsidiaries are mainly engaged in real estate development and operation, real estate management and real estate investment management. Headquartered in Shenzhen, the group is one of the largest real estate developers in mainland China. It was listed on the Shanghai Stock Exchange in 2001. As of September 30, 2010, the group's total assets reached 65.6 billion yuan (about 9.8 billion US dollars).
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