ING arm launches second property fund in China

SHANGHAI: Dutch financial group ING’s real estate arm has launched a second property fund in China and is targeting to raise US$500 million (US$1 = RM3.48) to US$750 million.

The fund will make nine to 10 investments with average deal sizes of US$50 million to US$75 million, Richard van den Berg, China head of ING Real Estate, said.

The fund is expected to return 20 per cent or more, he said.

The fund will include mainly residential development projects in first- and second-tier Chinese cities, but will also be on the lookout for acquisition opportunities in first-tier cities.

By Reuters