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Temasek's Mapletree in $320m China project

(Agencies)
Updated: 2008-05-27 10:32

Mapletree, a real estate unit of Singapore state-owned investor Temasek, said on Monday it is developing property worth $320 million in China's Guangdong through its private real estate fund.

The Mapletree India-China Fund will have an 80 percent stake in the project, which includes seven blocks of serviced apartments and a mall, while Guangzhou Southern-Donald Scientific Technology Co owns the remainder, Mapletree said in a statement.

Mapletree said the newly launched fund has raised $1 billion so far, half from Mapletree and the other half from an unidentified international institutional investor. The targeted fund size is about $1.5 billion, it said.

The 33-hectare (82 acres) project in the Nanhai district of Foshan city is the fund's third in China, and also includes a business park. Named Nanhai Business City, it will be built over five to eight years.

The two earlier investments are a $144 million residential and retail development in Xi'an and the $121 million acquisition of an office block in Beijing's central business district, it said.