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China’s Ping An Insurance Group and Landsea Group have become the latest mainland investors to wager on the country’s emerging rental housing market, as steep home prices in major cities fuel enthusiasm for the asset class.
Ping An Real Estate, a unit of the Shenzhen-based insurer, has partnered with Landsea Green Properties to set up a $1.5 billion fund that will support the development of rental apartment projects in major Chinese cities. Landsea Green Properties, the listed platform of Nanjing-based Landsea Group, announced the venture in a filing to the Hong Kong stock exchange. The partners will jointly invest in long-term rental apartment projects in top-tier cities including Beijing, Shanghai, Guangzhou and Shenzhen, as well as second-tier cities such as Nanjing and Hangzhou, with a target of approximately RMB 10 billion ($1.5 billion) in assets under management. Partners Look to Listed Listed Securities ......
