[photopress:magneticbig.jpg,full,alignright]ING Real Estate states its China Opportunity Fund has raised US$350 million. ING Real Estate said the fund attracted institutional investors from Asia, Australia, Europe, the Middle East and the US, as well as from high-net worth individuals through ING Private Banking.
The China Opportunity Fund is a private, closed-end fund with a focus on mid-range local housing developments in first and second tier cities in China. The majority of the fund’s investment activities will be executed through joint ventures with local Chinese developers with established track records in China.
ING Real Estate chief executive Robert Lie released a PR statement in which he said, ‘We are very pleased with the response of international investors to our new fund. It underscores our belief that, despite the austerity measures announced by the Chinese central government in May and August of this year, aimed at cooling the real estate market in China, our strategy of focusing on local housing in first and second tier cities in China in partnership with local developers is the correct one.’
ING Real Estate is part of ING Group.