Platform scales up rental presence

Leading global investment management organization Canada Pension Plan Investment Board and Longfor Group Holdings Ltd announced on Thursday the launch of a new investment platform that will focus on rental housing programs in China, with an initial investment totaling $817 million.

The platform will invest across first and second-tier cities in the development, acquisition and leasing of commercial assets to be converted into rental housing.

"Demand for modern, quality rental housing among young professionals and new graduates in China is growing rapidly, and through this collaboration, we are pleased to have the opportunity to participate in this fast-growing sector of Chinese real estate and to further diversify our investments in the market," said Jimmy Phua, managing director and head of real estate investments Asia at CPPIB.