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Star-studded PE fund
By Cherry Cao |
September 7, 2010, Tuesday
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Print Edition
Print Edition
STAR Capital, a real estate private equity fund formed by major Chinese private enterprises, was launched yesterday in Shanghai with an initial capital of 5 billion (US$737 million) yuan.
The fund, whose largest investor is Fosun Group, one of China's biggest private companies, aims to build between 20 and 25 integrated landmark real estate projects in both first and second-tier cities nationwide within five years.
Other major shareholders of the fund include the fund management arm of E-House (China) Holdings Ltd, a property services provider, and Zhao Hanzhong, ex-head of Shanghai operations of Gemdale Corp, a major real estate developer.
"Private companies have been playing a more important role in China's economy over the past years," said Zhao. "By establishing such integrated projects, we wish to offer them a perfect platform where they can get better access to up-to-date information as well as business services that are vital to their sustainable growth."
The fund, whose largest investor is Fosun Group, one of China's biggest private companies, aims to build between 20 and 25 integrated landmark real estate projects in both first and second-tier cities nationwide within five years.
Other major shareholders of the fund include the fund management arm of E-House (China) Holdings Ltd, a property services provider, and Zhao Hanzhong, ex-head of Shanghai operations of Gemdale Corp, a major real estate developer.
"Private companies have been playing a more important role in China's economy over the past years," said Zhao. "By establishing such integrated projects, we wish to offer them a perfect platform where they can get better access to up-to-date information as well as business services that are vital to their sustainable growth."
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