Regions International
Raffles City China Fund Closes at $1B
July 18, 2008

CapitaLand has established its first integrated development private equity fund in China. Raffles City China Fund was successfully closed at $1 billion. The fund's  principal investment objective is to invest in prime mixed-use commercial properties in key gateway cities in China.CapitaLand has subscribed for a 50 percent sponsor stake in the Raffles City China Fund while the remaining interests were taken up by financial institutions and pension funds from Asia, Europe and North America. The fund intends to acquire CapitaLand’s effective 55.9 percent stake in the completed Raffles City Shanghai and 100 percent of the other three Raffles City projects under development in Beijing, Chengdu and Hangzhou. Currently, the assets are valued at a total of about $2 billion comprising CapitaLand’s stake in Raffles City Shanghai and the three Raffles City projects on a completed basis.

 
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