[photopress:billly_connolly.jpg,full,alignright]The world’s biggest property fund manager, ING Real Estate, plans a second China fund next year, worth about US$700 million, in response to growing enthusiasm for Asian property at a time when Western markets are suffering.
The company has already spent most of the $350 million raised for residential development in China in 2006, and now a fund twice that size is in the works.
The fund will be marketed in the first half of next year, according to ING Real Estate’s Asia head, Robert Lie, and could invest in some commercial property as well as housing.
But tougher competition among developers, which has led to higher land prices, could mean that investors will have to lower their expectations slightly from the 20% internal rates of return notched up by ING Real Estate’s first China fund.
George Jautze, ING Real Estate Chairman and Chief Executive, said, ‘On the one hand you see part of the world slowing down, triggered by the credit crunch. And then you see another part of the world — China, Japan, and even Australia — where there are lots of opportunities.’
Why is this illustrated with a picture of Scottish comedian Billy Connolly?
He is the person most used by ING in its advertising. Which makes it both funny and memorable.
Source: SG Property News