Ascott China fund
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A company statement said the closed-end private equity real estate fund will acquire and develop suitable properties and sites in China into serviced residences or housing for rental.
The fund will be placed out to institutions and high net worth investors.
The firm plans to inject three residential properties as seed investments totalling up to US$102.1 million into the fund.
Ascott said it expects to hold at least 30 percent equity stake in the fund, or a maximum of US$200 million in fund size.
Fund raising is expected to close by the second quarter of 2007.
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