China Overseas Land halts launch of fund management unit

Hong-Kong listed developer China Overseas Land has put off the launch of a real estate fund management unit citing market conditions and poor investor sentiment, the South China Morning Post reported. The developer, which is controlled by the Ministry of Construction, hoped to form the fund management unit to compete with international investment banks. A company executive said China Overseas Land had no timetable for proceeding with the plan. However, he said the postponement of the launch would not affect the company’s business development.