CPPIB and Longfor Group form $817m Chinese rental housing investment
Canada Pension Plan Investment Board and Longfor Group have expanded their relationship to launch a new investment cooperation that will focus on rental housing programs in China with an initial targeted investment of approximately $817 million.
The new cooperation will invest in China across Tier I and core Tier II cities via developments, acquisition and master-lease of commercial assets to be converted into rental housing.
“Demand for modern, quality rental housing amongst 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, head of real estate investments Asia, CPPIB.
CPPIB and Longfor Group launched their collaboration in 2014 and have built a portfolio of Paradise Walk branded retail assets beginning with their f