Mapletree Investments Pte Ltd, a property investment unit of Singapore state-owned Temasek Holdings, said yesterday that it will quickly expand its China portfolio due to huge potential in the country’s property market, Shanghai Daily reported.
As one of its Chinese expansions, the firm will launch its second China-focused property fund after its Mapletree India China Fund, or MIC, has fully subscription by investors. With a total sum of US$1 billion, the fund will be used to expand its business solely in China.
“China has been an important investment destination for Mapletree since we entered the market in 2005,” said Loh Shyh, chief executive of Mapletree China, adding that the second China-focused fund will focus on both residential and retail developments.
In one of its latest efforts, Mapletree introduced its VivoCity mall brand to the Chinese mainland. Pursuant to the company’s plan, VivoCity Xi’an, in Shaanxi Province, is scheduled to open in December, which will be the first VivoCity mall outside of Singapore. The firm will soon start construction on another mall in Nanhai, Guangdong Province.