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UBS fund eyes public rental housing
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UBS Global Asset Management (China) Ltd will set up a private equity fund to invest in public rental housing in Shanghai, the first of its kind.
Together with Shanghai Hongkou Public Rental Housing Investment and Administration Co, the fund will invest in rental residential properties for low-income families in Hongkou District where rental demand is strong, UBS said in a statement yesterday, without disclosing the size of the fund.
The fund will be the first to be invested in China’s public housing project.
“The fund will unlock the value of fixed assets in the capital market but, at the same time, ensure that the invested properties continue to be available for public rental,” said an unnamed senior official of the district.
Ling Xinyuan, China chairman of UBS Global Asset Management, said “investors in the fund have access to a stable cash dividend payout as well as to potential asset appreciation.”
Taiping Asset Management, a subsidiary of China Taiping Insurance Group Co Ltd, will be the lead private investor in the fund, while UBS and UBS SDIC Fund Management Co Ltd are the fund’s investment manager and advisor respectively, according to the statement.
China has set a goal to build 36 million units of affordable homes between 2011 and 2015 to provide housing through leasing or sales to low-wage residents.
UBS said the fund will be converted into a publicly traded real estate investment trust, which allows investors to invest in income-producing real estate by purchasing and selling of liquid securities, when the regulator allows.
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