Hong Kong-listed developer China Overseas Land said that it would proceed with plans to launch a real estate fund management unit, the South China Morning Post reported. The company had initially intended to launch a private equity fund last year, but the global financial crisis derailed those plans. However, the developer says that it expects to make “some progress” in setting up the fund – likely to be worth between US$500 million and US$800 million – this year, and that it hopes to attract international investors. China Overseas Land also revealed that profits at the company rose 20.8% in 2008 to US$651.6 million thanks to higher home sales.
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