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Mapletree eyes China expansion
By Cao Qian |
July 29, 2010, Thursday
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Print Edition
Print Edition
MAPLETREE Investments Pte, an Asia-focused real estate and capital management company, said yesterday in Shanghai that it hopes to quickly expand its China portfolio due to huge growth potential in the country's property market.
The Singapore-based company, a wholly owned unit of state investor Temasek Holdings, also aims to launch its second China-focused real estate fund with US$1 billion in capital. The launch may occur later this year once its US$1.16 billion Mapletree India China Fund, or MIC, is fully invested.
"China has been an important investment location for Mapletree since we entered the market in 2005," said Loh Shyh, chief executive officer of Mapletree China. "Our real estate assets on the Chinese mainland now account for about 6 percent of our entire portfolio and we plan to raise the proportion notably over the coming few years as we are expanding our presence to more cities, both first-tier and second-tier ones."
In one of its latest efforts, Mapletree is introducing its award-winning VivoCity mall brand to the Chinese mainland. Under the company's plan, VivoCity Xi'an, Shaanxi Province, is scheduled to open in December. It will be the first VivoCity mall outside of Singapore. Construction will begin soon on another mall in Nanhai, Guangdong Province.
A dual-country private fund set to invest in growing real estate opportunities in India and China, MIC Fund's total combined portfolio value is now about US$1 billion. In China, it has four approved assets - Future City in Xi'an, an integrated residential and retail development, Nanhai Business City in Foshan, a mixed-use project, Mapletree Tower and Gateway Plaza, both office towers in Beijing.
The second China-focused fund will focus on both residential and retail developments, Loh said.
The Singapore-based company, a wholly owned unit of state investor Temasek Holdings, also aims to launch its second China-focused real estate fund with US$1 billion in capital. The launch may occur later this year once its US$1.16 billion Mapletree India China Fund, or MIC, is fully invested.
"China has been an important investment location for Mapletree since we entered the market in 2005," said Loh Shyh, chief executive officer of Mapletree China. "Our real estate assets on the Chinese mainland now account for about 6 percent of our entire portfolio and we plan to raise the proportion notably over the coming few years as we are expanding our presence to more cities, both first-tier and second-tier ones."
In one of its latest efforts, Mapletree is introducing its award-winning VivoCity mall brand to the Chinese mainland. Under the company's plan, VivoCity Xi'an, Shaanxi Province, is scheduled to open in December. It will be the first VivoCity mall outside of Singapore. Construction will begin soon on another mall in Nanhai, Guangdong Province.
A dual-country private fund set to invest in growing real estate opportunities in India and China, MIC Fund's total combined portfolio value is now about US$1 billion. In China, it has four approved assets - Future City in Xi'an, an integrated residential and retail development, Nanhai Business City in Foshan, a mixed-use project, Mapletree Tower and Gateway Plaza, both office towers in Beijing.
The second China-focused fund will focus on both residential and retail developments, Loh said.
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