Gaw Capital Partners and property developer China SCE Group Holdings have agreed to establish a long-term rental apartment investment platform in China, backed by initial funding of $800 million.
The joint venture plans to acquire, develop and operate multifamily residential projects in China’s core cities. And it aims to have $1.45 billion assets under management by 2021.
China SCE’s Funlive Holdings unit is responsible for acquisitions and disposals under the joint venture, as well as managing the platform’s assets.
The partners have seeded the venture with an initial 20,000-square-meter (215,000-square-foot) apartment building in Shanghai, which is scheduled for completion by 2020 with 500 units.
In September, Gaw Capital entered China’s long-term rental apartment market with an investment in Harbour Apartments, a Shanghai-based company that operates co-living apartments, located in seven major cities across China.
