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.