China’s Poly Developments, Country Garden hit first close of realty fund at $215m

Chinese property giant Poly Developments and Holdings and its peer Country Garden have hit the first close of their joint real estate fund at over 1.5 billion yuan ($215 million), according to an announcement. 

The development comes roughly two months after the two companies launched a 5 billion yuan ($700 million) real estate fund. 

While a part of the corpus has been pumped in by their respective investment arms Poly Capital and Country Garden Venture Capital, the fund also saw the participation of government-led funds and listed companies, including JXCT Funds, Liuzhou Financial Investment Group, elevator manufacturer Canny Elevator, Oriental Yuhong and multinational lighting firm OPPLE Lighting. 

The fund will primarily invest in areas such as manufacturing, services, and artificial intelligence of things (AIoT), among others.

While Poly focuses on international trade and property development globally, Country Garden is engaged in residential, commercial and urban construction projects. 

Of late, quite a few Chinese giants have joined hands to set up industry funds. In July, Hong Kong-listed marketing solution provider Activation Group and state-owned investment platform Shanghai Innovital Capital announced their plans to launch a 1 billion yuan ($143 million) industry fund.

Meanwhile, Jiangsu High-Tech Investment Group (Govtor Capital) has also tied up with Addor Capital and state-owned Changzhou Industrial Investment Fund to launch two separate innovation funds.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.